Dubai - Mubasher: Gulf Navigation Holding has reported a loss of AED 14.76 million in the first six months of 2018.

These losses will not continue to the coming quarters and stemmed from additional costs including $8 million paid in settlement of a legal dispute with a Chinese company, along with other expenses incurred for the upgrade of two petrochemical tankers, according to a company statement.

“Although our financial records show losses in this quarter, it is a necessary step for achieving future gains and will open the door for major achievements in the coming years,” Gulf Navigation’s group CEO  Khamis Juma Buamim commented.  

The Dubai-listed company reported a 5% year-on-year growth in its gross profit in the first quarter of 2018, registering AED 10.15 million ($2.78 million).