Attains Q1-2019 revenue of AED 45mn, a YoY increase of 19%
Gulf Navigation Holding has announced its financial results for the first quarter of 2019. During Q1-2019 the company achieved operating revenue of AED 45mn compared to AED 37.7mn during the same period of 2018, a YoY increase of 19%.
The Company reported net loss of AED 11 million in Q1-2019 compared to profits of AED 5mn during the same period last year.
During the quarter, the company’s petrochemical tanker Gulf Deffi entered the dry dock for the mandatory special survey work, resulting in 50 days of off-hire for this vessel during Q1. GNH also incurred increased depreciation and finance costs on account of acquisition of livestock carriers in Q4-2018, which impacted the net profit.
“Our immediate focus is to complete the necessary vessel dry-docks and achieve debt refinancing to align Gulf Navigation’s capital structure to its operations. We are repositioning our balance of spot and long term charter contracts to optimize the operating revenues,” remarked Saeed Mubarak Al Hajeri, Chairman of the Board.
