Wednesday, October 13, 2010

Qatar Gas Transport Profit Rises 50% as Vessel Revenue Doubles

Qatar Gas Transport Co., the liquefied natural gas transporter known as Nakilat, posted a 50 percent gain in third-quarter profit after revenue from vessels it owns more than doubled.

Net income for the third quarter rose to 172.2 million riyals ($47.3 million) from 114.5 million riyals a year earlier, based on Bloomberg calculations. The mean estimate of two analysts surveyed by Bloomberg was for a third-quarter net income of 209.5 million riyals.

Nine-month profit rose to 501.9 million riyals, or 0.91 riyal a share, from 347.9 million riyals, or 0.63 a share, the company said in a statement posted on the Qatar Exchange today. Third-quarter earnings were calculated by subtracting first-half profit from the nine-month figure.

Revenue from wholly owned vessels rose to 1.99 billion riyals from 952 million riyals a year earlier. The company took delivery in July of Rasheedaa, a Q-Max liquefied natural gas tanker, and the last of 54 vessels on order including 25 wholly owned LNG tankers.

Chief Executive Officer Muhammad Ghannam said last year his company would be able to transport 18 percent of the world’s LNG volumes when all ships are in operation. The company is also venturing into ship construction and dry-dock operation.

Qatar, the world’s biggest producer of LNG, plans to increase its annual capacity to 77 million tons by early next year with the start of the last two of 14 liquefaction plants. LNG is gas cooled to a liquid for transport by ship.


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