October 22, 2012 / 6:31 AM / 5 years ago

UPDATE 1-Qatar's Nakilat Q3 net profit slips 25.5 pct

2 Min Read

* Q3 net 181.4 mln riyals vs 243.6 mln yr-ago

* One analyst forecast earnings of 207.8 mln riyals

* 9-mth net profit 562 mln riyals vs 624.8 mln riyals yr-ago

DOHA, Oct 22 (Reuters) - Qatar Gas Transport Co (Nakilat), the world's largest shipper of liquefied natural gas (LNG), posted a 25.5-percent drop in its third-quarter earnings on Monday, Reuters calculations show, missing the forecast of one analyst.

The company reported a third-quarter net profit of 181.4 million riyals ($49.8 million), according to Reuters calculations, compared with 243.6 million riyals in the same period last year.

One analyst forecast a quarterly profit of 207.78 million riyals, in a Reuters poll.

Reuters calculated quarterly net profit from previous financial statements. Nakilat reported a 9-month net profit of 562 million riyals, compared with 624.8 million riyals a year ago, according to a statement posted on the bourse website, without providing further detail.

The company said in July it made a first-half net profit of 380.6 million riyals after a 4.6 million riyal loss on a derivative instrument from a joint venture.

Nakilat said last year that a decision on whether to convert 45 of its largest tankers to burn natural gas instead of oil continued to be under consideration but would not affect the company financially.

It is expected to approve a $1 billion overhaul of the tankers, prompted by an unexpected fall in natural gas prices against the price of oil in recent years, senior industry sources told Reuters last year. The work would take place through 2015.

Nakilat shares have fallen 10 percent year-to-date on the Doha bourse.

$1=3.638 Qatari riyals Reporting By Regan Doherty, Editing by Dinesh Nair

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