Gulf Navigation Holding, the Dubai-based maritime and shipping company, has said it made a loss of Dh11 million in the first quarter of 2019, despite increasing its revenues.
During the first three months of 2019, the company achieved an operating revenue of Dh45 million, compared to Dh37.7 million during the same period of 2018, a year-on-year increase of 19 per cent.
However, Gulf Navigation reported net losses of Dh11 million in the first quarter, compared to profits of Dh5 million during the same period last year.
During the quarter, the company’s petrochemical tanker Gulf Deffi entered the dry dock for mandatory special survey work, resulting in 50 days of off-hire for this vessel during the first quarter.
Gulf Navigation also incurred increased depreciation and finance costs on account of acquisition of livestock carriers in the fourth quarter of 2018, which the company said impacted its net profit.
“The board of Gulf Navigation is reviewing all strategic growth options to return the company to profitability,” said Saeed Mubarak Al Hajeri, Gulf Navigation’s chairman.
“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,” he said.