Qatar Nav dips

Boxship owner Qatar Navigation has seen profit fall to QAR 472m ($129.64m) for 2009 compared to a strong 2008.

The company did not give a comparative figure, but it announced profit of QAR 569.3m for 2008 at this time last year.

Its shares fell as much as 6.9% to QAR 62.3 on Tuesday as a result.

The owner is being merged with state-owned compatriot Q-Ship, which is a tanker and LPG player.

Qatar Navigation has four small containerships, plus another four 1,024-teu vessels on order in Korea. It also controls two anchor-handlers and various tugs.

By Gary Dixon in London

Published: 08:30 GMT, 09 Feb 10 | updated: 08:30 GMT, 09 Feb 10

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