Dubai – Mubasher: The net losses attributable to the owners of Gulf Navigation Holding (GNH) declined to AED 278.929 million in 2020, compared to AED 324.932 million in 2019.

The company's revenues reached AED 145.852 million in 2020, down from AED 166.261 million during the earlier year, according to the company's consolidated financial results for 2020.

The basic and diluted losses per share settled at AED 0.274 last year, against AED 0.324 in 2019.

In the meantime, the company incurred accumulated losses of AED 724.124 million as of 2020, representing 71.05% of the capital, due to lower revenues amid the coronavirus (COVID-19) pandemic and higher net finance cost.

The accumulated losses are also driven by the write-off of GL1 vessel which sank off during 2020.