Mubasher: Qatar Gas Transport Company Ltd (Nakilat) on Monday said that its profits declined 16.6% year-on-year in the second quarter of 2017.

The profits fell to QAR 217.2 million ($58.9 million) in Q2-17, from QAR 260.3 million ($70.54 million) in Q2-16, according to a filing to the Qatar Stock Exchange (QSE).

Nakilat’s profits retreated 18.4% to reach QAR 408.3 million in the first six months of 2017, compared to QAR 500.3 million in H1-16.

Earnings per share (EPS) amounted to QAR 0.74 in H1-17, compared to QAR 0.90 in H1-16.

The QSE-listed firm attributed the decrease in profits to the lower revenues of hired vessels, as well as the repayment of loans instalments that impacted finance costs.

Nakilat’s stock tumbled 0.11% to QAR 18.48 on Monday after 1.2 million shares were exchnaged, generating QAR 21.7 million.