Nakilat Reports QR 359.6 Million Total Profit for H1 2013

Doha, July 15 (QNA) - Qatar Gas Transport Company (Nakilat) has announced a total profit in the first half of 2013 of QR 359.6 Million compared with QR 380.8 Million for the corresponding period in 2012. The company reported a profit from operations was QR 374.7 million compared with QR 385.4 million for H1of 2012, after a loss on derivative instruments from joint ventures. The loss on derivative instruments of QR 15.1 million for H1 - 2013, compared with a loss on derivative instruments of QR 4.6 million for H1 - 2012, was due to a technical disqualification (for accounting purposes) of the applicable derivatives (carried in the books of certain of the company's overseas joint ventures) as hedging instruments in accordance with International Accounting Standard 39. Qatar Gas Transport Company (Nakilat) fleet comprise 54 vessels, of these 25 are wholly-owned by Nakilat, and is set to become the largest LNG ship owner in the world.(QNA)