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.