Dubai – Mubasher: Gulf Navigation Holding on Wednesday 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 year-ago period.

Year-on-year, the company’s profit margin fell to 24.2% during the nine-month period ended September, compared to 36.3%, according to a statement to the Dubai Financial Market (DFM).

Gulf Navigation’s general and administrative expenses increased by 89% to AED 36.6 million from January to September, versus AED 19.4 million in the same period last year.

Year-on-year, financing costs surged 98% to AED 16.4 million in the January-September period of 2018, compared to AED 8.3 million.