Dubai – Mubasher: Gulf Navigation Holding reported that it has turned to losses for the year ended 31 December 2018.
Net losses amounted to AED 40 million in 2018, against profits of AED 40.73 million in 2017, according to the company’s statement to the Dubai Financial Market (DFM) released late Saturday.
Earnings per share (EPS) declined to AED 0.047 over 2018, compared to AED 0.074 in the prior year.
Gulf Navigation attributed the losses to the off-hire of three chemical tankers due to the mandatory dry-docking, expenses incurred in relation to final settlements of all legal cases, and higher finance cost of the new dry-dock expense.
Gross revenues increased by 6.6% year-on-year on the back of acquiring new livestock carriers during the fourth quarter of 2018, the company added in its statement.
By the end of 2018, Gulf Navigation's total assets grew to AED 1.52 million, versus AED 1.07 million in 2017.
It is worth noting that the Dubai-listed company previously reported a loss of AED 18.2 million ($4.96 million) in the first nine months of 2018, against generating AED 30.9 million ($8.41 million) in profits during the same period of 2017.
By 11:20 am UAE time, Gulf Navigation’s stock stood at AED 0.80.
