Dubai – Mubasher: Gulf Navigation Holding (GNH), a Dubai-based maritime and shipping company, on Tuesday unveiled it has suffered a net loss of AED 27.8 million during the first half of 2019, versus AED 14.8 million in the prior-year period.
The company also reported a 21% year-on-year growth in operating revenue for H1-19, according to a press release.
Operating revenue amounted to AED 85.7 million in the six-month period ended 30 June 2019, compared to AED 71.1 million in H1-18, Gulf Navigation said.
In the same vein, the board of GNH discussed its current foreign ownership limit cap of 49% and proposed to allow 100% foreign ownership in the company, the release added.
Accordingly, the board assigned management to obtain approvals from relevant authorities to implement the change.
Saeed Mubarak Al Hajeri, the company’s board chairman, commented: “We continue to work on the turnaround for GNH. The board has approved refinancing of certain liabilities, which we expect to improve the cash flow situation and clear long outstanding issues.”
“Furthermore, we are preparing for the upcoming IMO 2020 regulations with the installation of scrubbers and completion of special survey this year,” he added.
In May, GNH, listed on the Dubai Financial Market (DFM), announced it had turned to losses in the first quarter of 2019, incurring AED 11 million.
In Q1-19, the company’s operating revenue rose by 19% year-on-year to AED 45 million, compared to AED 37.7 million in Q1-18.
