Qatar Gas Transport (Nakilat) reported a 20% drop in net income as the company lowered its estimates for the scrap value on its ships.
The Doha-based shipowner reported bottom-line profit of QAR 191.4m ($52.6m) for the first quarter, compared to a QAR 240.3m profit in same period of the prior year.
The lower profit stemmed from reducing the "estimated scrap value of vessels" in accordance with international accounting standard rules, the company said in a press release.
