Profit falls for Qatar Navigation

Doha: Qatar Navigation Company, a freight transportation company, reported a worse-than-expected 32 per cent drop in second-quarter net income as it lost money on revenue from investments.

The shares dropped the most in two months today after net income fell to 126.9 million riyals (Dh128 million) from 184.5 million riyals in the same quarter of 2009, according to Bloomberg calculations based on the Doha-based company's first-half earnings. Qatar Navigation's shares fell 4.7 per cent on the Qatar Exchange on Monday.