Qatar Navigation QSC yesterday announced net profit of QR262m for the three months ended March 31, 2011 compared to QR771m in the corresponding period last year, The Peninsula reports.
The company said year on year comparison of net profits is reoriented due to one-time, non-cash accounting adjustments in 2010 related to the Qatar Shipping Company acquisition. Thus the earnings per share were QR2.28 in Q1 this year compared to QR6.73 per share the same period last year.
The company posted operating revenues of QR533m in Q1 of this year compared to QR431m in the corresponding period in 2010, showing a 24 percent increase, while the operating profit amounted to QR157m compared QR118m in the same period last year, representing a 33 percent increase.
QR298m was recorded in Q1 2010 as 'Gain from acquisition of Qatar Shipping' and represents the net of market value and acquisition price. QR236m was recorded in Q1 2010 as 'realised fair value gain' on the earlier holding of 15 percent of Qatar Shipping Company
Sheikh Ali bin Jassim bin Mohammed Al Thani, Qatar Navigation's Chairman & Managing Director, said that Qatar Navigation was able to increase top line revenue, and Operating Profit in the first quarter of 2011. "We are very pleased with the revenue and Operating Profit growth, which are true indicators of our operational performance," said Sheikh Ali bin Jassim. "We are seeing increases in our core maritime operations and our JVs and subsidiaries. Our Real Estate arm also showed growth year over year with the leasing out of the Navigation Tower. 2010's results included several non-operating accounting items related to the Qatar Shipping acquisition."
He said 2011 will be a transformational year for Qatar Navigation. The company has embarked on implementing a long term strategy designed to take it to new, higher levels, noting that analysis and planning of the company's strategy began late last year and was completed several weeks ago. "We have now begun implementing several initiatives that we believe will contribute to future growth," he said.
Qatar Navigation's Chief Executive Officer, Khalifa bin Ali Al Hetmi stated that several attractive growth options are being considered across the areas of shipping, maritime services and logistics. He added, "Qatar Navigation aims to grow, with a strong pace, its revenues in the coming years through a focused execution of the defined strategy, with the ultimate goal of maximizing wealth for its shareholders."
The company said year on year comparison of net profits is reoriented due to one-time, non-cash accounting adjustments in 2010 related to the Qatar Shipping Company acquisition. Thus the earnings per share were QR2.28 in Q1 this year compared to QR6.73 per share the same period last year.
The company posted operating revenues of QR533m in Q1 of this year compared to QR431m in the corresponding period in 2010, showing a 24 percent increase, while the operating profit amounted to QR157m compared QR118m in the same period last year, representing a 33 percent increase.
QR298m was recorded in Q1 2010 as 'Gain from acquisition of Qatar Shipping' and represents the net of market value and acquisition price. QR236m was recorded in Q1 2010 as 'realised fair value gain' on the earlier holding of 15 percent of Qatar Shipping Company
Sheikh Ali bin Jassim bin Mohammed Al Thani, Qatar Navigation's Chairman & Managing Director, said that Qatar Navigation was able to increase top line revenue, and Operating Profit in the first quarter of 2011. "We are very pleased with the revenue and Operating Profit growth, which are true indicators of our operational performance," said Sheikh Ali bin Jassim. "We are seeing increases in our core maritime operations and our JVs and subsidiaries. Our Real Estate arm also showed growth year over year with the leasing out of the Navigation Tower. 2010's results included several non-operating accounting items related to the Qatar Shipping acquisition."
He said 2011 will be a transformational year for Qatar Navigation. The company has embarked on implementing a long term strategy designed to take it to new, higher levels, noting that analysis and planning of the company's strategy began late last year and was completed several weeks ago. "We have now begun implementing several initiatives that we believe will contribute to future growth," he said.
Qatar Navigation's Chief Executive Officer, Khalifa bin Ali Al Hetmi stated that several attractive growth options are being considered across the areas of shipping, maritime services and logistics. He added, "Qatar Navigation aims to grow, with a strong pace, its revenues in the coming years through a focused execution of the defined strategy, with the ultimate goal of maximizing wealth for its shareholders."