Nakilat concludes half year 2017 with net profit of QR 409 million

Nakilat recorded its financial results for the first half of the year ended 30 June 2017 with a net profit of QR 409 million compared to QR 501 million of the same period last year in 2016, the company said in its press release. The lower profit was mainly attributed to the lower number of charter hire days in the current period compared to the same period last year (2016 was a leap year), the effect of changing the estimated scrap value of vessels in accordance with applicable International Accounting Standards and the reduced operations of a few joint ventures. On the other hand, the company’s timely repayment of the periodic loan instalments resulted in reduced finance costs.