Dubai PR Network, Online Press Release from Dubai and Middle East
 
Money, Business & Investments(Banking & Investments)
Filter PR by
  
Gulf Navigation Holding announced 19% revenue growth in Q1
 
Achieves Q1 2019 revenue of AED 45mn, a YoY increase of 19%
• Q1 net loss at AED 11mn on account of off-hire days for a vessel and additional expenses attributed to 10-year special survey 
 
Dubai, United Arab Emirates, May 20, 2019:  Gulf Navigation Holding PJSC (“GNH” or “Company”), the Dubai Financial Market listed maritime and shipping company, has announced its financial results for the first quarter of 2019. During Q1 2019 the Company achieved operating revenue of AED 45 million compared to AED 37.7 million during the same period of 2018, a YoY increase of 19%. The Company reported net loss of AED 11 million in Q1 2019 compared to profits of AED 5 million during the same period last year.
 
During the quarter, Company’s petrochemical tanker Gulf Deffi entered the dry dock for the mandatory special survey work, resulting in 50 days of off-hire for this vessel during Q1. GNH also incurred increased depreciation and finance costs on account of acquisition of livestock carriers in Q4 2018, which impacted the net profit. Previous quarter profit also included the write-back of AED 8.7mn of liabilities, which positive impacted last year’s first quarter results.
 
Chairman of the board Mr. Saeed Mubarak Al Hajeri commented: “The board of Gulf Navigation is reviewing all strategic growth options to return the Company to profitability. Our immediate focus is to complete the necessary vessel dry-docks and achieve debt refinancing to align Gulf Navigation’s capital structure to its operations.
 
We are thankful to all our key stakeholders for their continued support over the last quarter. We expect the product tanker charter market to become attractive ahead of the IMO 2020 implementation. We are repositioning our balance of spot and long term charter contracts to optimize the operating revenues.” 


Posted by : Dubai PR Network Editorial Team
Viewed 4453 times
PR Category : Banking & Investments
Posted on : Monday, May 20, 2019  3:20:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Sony Corporation achieves strong operating income of US$ 8.0...
Next Story : Qualys Releases Innovative Extension to its Groundbreaking C...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Tonda 1950 Stone-set range' [12194-Views]
Parmigiani Fleurier Kalpagraphe Chronometre Titanium [11328-Views]
Toric Hémisphères Rétrograde Slate The traveller's watch featuring a new guilloché dial [7979-Views]
Special edition 2019 Ford Expedition ‘Turath' arrives in Al Tayer Motors and Premier Motor... [7564-Views]
Aston Martin Valkyrie Wows Crowds on Public Debut at Silverstone [7338-Views]
Salvatore Ferragamo Timepieces – Summer 2019 Collection [7113-Views]
Sports Collection - Autumn Winter 2019 [7094-Views]
Picnic Indoors This Summer with Marks & Spencer [6246-Views]
Kitchen Hacks: 8 Clever Ways to Smart Storing [6002-Views]
The Perfect Shave Kit for your Summer Travels [5996-Views]
Ralph Lauren at The Championships, Wimbledon – Sunday 14th July [5624-Views]
Ralph Lauren at The Championships, Wimbledon – Wednesday 10th July [5551-Views]
Schneider Electric's Biggest Engineer-to-Order Factory in Asia Utilizes IIoT Technology an... [5350-Views]
Summer Skin Rituals with SUKIN [5350-Views]
Peugeot announces sizzling summer offers [4721-Views]
Union Coop Reports 20% Growth in Net Profit for the First half of 2019 [4258-Views]
Summer-ready BABY-G G-Lide BAX-100 makes splash this hot season [4160-Views]
Purificacion Garcia Introduces the Women's FW19 Collection [3922-Views]
Ras Al Khaimah and Singapore to Discuss the Bilateral Cooperation' [3843-Views]
The Car That Responds to Your Mood: New Jaguar Land Rover Tech Helps Reduce Stress [3611-Views]
OMEGA's role in competitive swimming [3605-Views]
Automation Anywhere Expands into the Middle East with the Opening of Regional Headquarters... [3562-Views]
Lg's Front-loader With New Ai Dd Brings Optimized Washing to the Middle East and Africa [3392-Views]
Philipsen and Kristoff Claim Top 10 Spots for Uae Team Emirates in Stage 7 Sprint Finish [3257-Views]
Get that beautiful hair with Vierro's Oil-Replacement range [3178-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories