Q-Ship results for Q2 tumble

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Doha: Qatar Shipping has posted a 53% second quarter fall in profits to QR80.8m ($22.2m), according to Reuters. The result  brings the first half net profit to QR158.6m ($43.6m) against last year’s first half result of QR375m, though that was boosted by QR114m contribution from vessel sales gains. Excluding the gain, net profits fell 39% primarily as a result of returns on investments swinging from profit to loss. The company owns a young fleet of primarily lpg carriers, aframaxes, and chemical tankers, and is undergoing a government-mandated merger with major shareholder Qatar Navigation which is a container feeder and tug operator.  [13/08/09]