Doha-based Qatar Navigation (Milaha) reported an increase in net profit for the first nine months of the year. 

The company’s net profit for the first nine months reached 400 million Qatari Riyals ($109.9 million), compared to 363 million Qatari Riyals reported in the corresponding period last year.

Operating revenues for the nine months ended September 30, 2018, also bumped up to 1.8 billion Qatari Riyals, 10.2 percent up from 1.7 billion Qatari Riyals for the same period in 2017

Milaha Gas & Petrochem’s operating revenue remained flat with the same period last year while net profit declined by 135 million Qatari Riyals mainly due to vessel impairments recorded during the first half of 2018.

Milaha Gas & Petrochem owns two LNG carriers and also holds partial stakes in seven LNG carriers. It is also the largest shareholder in Qatari LNG shipping giant Nakilat.