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GNH incurs AED 508m accumulated losses

GNH incurs AED 508m accumulated losses
The accumulated losses are attributed to lower revenues of all vessels
Gulf Navigation
GULFNAV
0.33% 6.12 0.02

Dubai – Mubasher: Gulf Navigation Holding (GNH) has logged accumulated losses of AED 507.82 million as of the third quarter (Q3) of 2020, representing 49.8% of the capital.

The accumulated losses are attributed to lower revenues of all vessels, higher net finance costs, and destabilisation of the vessel's revenues due to the coronavirus (COVID-19) pandemic, according to the company's disclosure to the Dubai Financial Market (DFM) on Sunday.

To tackle the accumulated losses, the company seeks to employ all its vessels at profitable rates and refinance the vessels with a lower financial rate.

It is noteworthy to mention that as of 31 March 2020, the company has incurred accumulated losses of AED 463.121 million, equivalent to 45% of the company's capital.