Dubai – Mubasher: Gulf Navigation Holding on Monday reported a 39.3% increase in its profits for the first quarter of 2017, compared to the year-ago-period.
Net profits amounted to AED 8.83 million ($2.4 million) in Q1-17, compared to AED 6.34 million ($1.73 million) in Q1-16, according to a filing to the Dubai Financial Market (DFM).
The company attributed the growth to extraordinary revenues from non-recurring liabilities at a value of AED 7.3 million in the first quarter in 2017.
Operating costs retreated 16.9% to AED 19.75 million in Q1-17, compared to AED 23.76 million in Q1-16, the statement showed.
The DFM-listed navigation company had previously said its profits soared by 577.11% to AED 136.57 million in 2016, from AED 20.17 million in 2015.
