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Milaha reports net profit of QR518m for H1 2014

: Tuesday, July 22 - 2014 @ 12:54

Milaha’s core maritime segments – Offshore, Maritime & Logistics, Gas & Petrochem – accounted for 3% of the reduction in net profit. This was driven mainly by an unexpected decrease in export volumes from Qatar, as well as from lower vessel utilization and vessel delivery delays in the Offshore segment. The decline in Offshore and Maritime & Logistics was partially offset by significantly higher net profit in the Gas & Petrochem segment, as VLGC sector rates showed strong improvement over recent years.

Strong results in Milaha Trading contributed to an increase of 1% in the overall net profit.

“This is our first year on year decline in a while,” said Sheikh Ali bin Jassim Al Thani, Chairman and Managing Director of Milaha. “And while much of it was not in our control, we are very focused on getting the business back to normal the rest of the year.”

“We have put in place a number of measures targeted at both driving incremental revenues and reducing discretionary costs over the rest of the year in most of our core businesses,” said Khalifa Ali Al-Hetmi, President and Chief Executive Officer of Milaha. “We have largely overcome the operational issues from the first quarter and look forward to a stronger second half.”

The company will conduct an investor conference call on Wednesday, July 23rd, 2014 at 2 pm Doha time, to further discuss its results. The conference call, organized by QNB Financial Services, may be accessed by telephone by dialing 0800 953 0102 (UK Free Call) and +44 (0) 1452 555566 (UK and International) and entering the Conference ID: 77762301.

For additional information, please contact:

Shareholder Relations
Tel: +974 4494 9873; Fax: +974 4483 3244
Email: [email protected]

Corporate Communications
Tel: +974 4494 9624; Fax: +974 4483 3244
Email: [email protected]

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Tuesday, July 22- 2014 @ 12:54 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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