Dubai – Mubasher: The interim financial results of Gulf Navigation Holding showed that the company has turned to losses during the first quarter of 2019, against generating a profit in the same period a year before.
The company’s losses amounted to AED 11 million ($2.99 million) in Q1-19, compared to a profit of AED 4.7 million ($1.3 million) during Q1-18, according to a statement to the Dubai Financial Market (DFM) on Tuesday.
The firm stated said that profit margin tumbled to 7.1% in the January-March period of 2019 versus 26.9% in the corresponding period a year earlier on the back of a 52% rise in operating costs.
Financing costs increased by 15% to AED 6.1 million in Q1-19, compared to AED 5.3 million in the prior-year period.
