Preliminary results for the year ending 31st December 2018 highlight a disappointing turnaround in fortunes for the Dubai-based Gulf Navigation group. A net loss of AED 40 million for the year 2018 has been reported in its recently announced unaudited results, compared with a AED 40.7 million net profit in 2017.
The company says this was largely due to the off-hire of three of its chemical tankers for mandatory drydocking periods, and expenses incurred in the settlement of outstanding legal cases. Higher finance costs also played a part in the slip back into a loss-making situation, after a return to profitability in 2017.
On a more positive note, gross revenues generated by Gulf Navigation last year amounted to AED 147.08 million, which was 6.6% more than the AED 137.9 million recorded in 2017. The 2018 figures were boosted by the acquisition of a number of four new livestock carriers in the fourth quarter of the year and bode well for prospects in 2019.