Qatar Gas Transport Co., the liquefied natural gas shipper known as Nakilat, posted a second- quarter net income of 166.5 million riyals ($45.8 million) that fell short of analyst estimates. The result for the three months ended June 30 marked a 7.1 percent drop from the 179.27 million riyals that the company earned in the same period last year. Nakilat announced its profit today in a six-month earnings statement posted on the Qatar Exchange. The latest quarterly result fell short of the 207 million riyal mean estimate of two analysts surveyed by Bloomberg.
The company said it will operate a fleet of 25 wholly-owned and 29 partly-owned LNG carriers by the end of this year. It leases its wholly-owned vessels under long-term contracts to Qatar Liquefied Gas Co. and Ras Laffan Liquefied Natural Gas Co, the country’s two LNG producers.
Qatar, the largest producer of LNG, plans to raise its capacity to produce liquefied gas to 77 million tons a year by the end of 2010. LNG is gas cooled to a liquid for shipping.
Nakilat’s stock, the worst performer this year on the QE Index of leading Qatari companies, fell 0.5 percent to 18.4 riyals a share on the Qatar Exchange today. The price has fallen 23 percent this year. Earnings were reported after the close of trading on the Qatar Exchange.
The company said it will operate a fleet of 25 wholly-owned and 29 partly-owned LNG carriers by the end of this year. It leases its wholly-owned vessels under long-term contracts to Qatar Liquefied Gas Co. and Ras Laffan Liquefied Natural Gas Co, the country’s two LNG producers.
Qatar, the largest producer of LNG, plans to raise its capacity to produce liquefied gas to 77 million tons a year by the end of 2010. LNG is gas cooled to a liquid for shipping.
Nakilat’s stock, the worst performer this year on the QE Index of leading Qatari companies, fell 0.5 percent to 18.4 riyals a share on the Qatar Exchange today. The price has fallen 23 percent this year. Earnings were reported after the close of trading on the Qatar Exchange.