GulfNav Posts Net Loss in 1Q2019

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Gulf Navigation Holding (GulfNav) ended the first quarter of this year with a net loss.

The company suffered a net loss of AED 11 million (around USD 3 million) in Q1 2019, compared to profits of AED 5 million during the same period last year.

During Q1 2019, GulfNav achieved operating revenue of AED 45 million, compared to AED 37.7 million seen in Q1 2018. This represents a year-over-year (YoY) increase of 19%.

The net result was negatively impacted by off-hire days for a vessel and additional expenses attributed to a 10-year special survey.

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