Gulf Navigation profits in second quarter of 2014 rise to Dh3.1m

Abu Dhabi: Gulf Navigation Holding reported a profit of about Dh3.1 million for the second quarter of 2014, marking a rise from the Dh10 million in losses during second quarter of 2013. Meanwhile, the total profit for the first half of 2014 was Dh3.6 million — an increase from the Dh29.7 million in losses during the first half of 2013.

The company said it has made a restructuring plan to write off the accumulated losses and reduce capital. It is now in the process of offering $130 million (Dh477 million) to be converted to shares.