Dubai - Mubasher: Gulf Navigation Holding (GNH), listed on the Dubai Financial Market (DFM), reported a 19% year-on-year growth in its operating revenue for the first quarter of 2019.

Operating revenue reached AED 45 million in the three-month period ended 31 March, compared to AED 37.7 million in Q1-18, according to a press release.

Furthermore, the company reported it has turned to losses in Q1-19 with a net loss of AED 11 million, against profits of AED 5 million in the year-ago period.

In Q1-19, Gulf Deffi, the company’s petrochemical tanker, moved into the dry dock for the mandatory special survey work that resulted in 50 days of off-hire for this vessel during the quarter, GNH said.

The company also suffered an increase in depreciation and finance costs on account of acquisition of livestock carriers in Q4-18, which affected the net profit.

GNH further noted that Q1-19 profit also included the write-back of AED 8.7mn of liabilities.

Saeed Mubarak Al Hajeri, chairman of GNH, 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,” he added.