| 03 May 2010 |
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Gulf Navigation sees 53% drop in Q1 net profit
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Gulf Navigation HoldingGulf Navigation Holding
has reported 53 per cent drop in net profit for the first quarter at Dh3.072 million against Dh6.377m for the corresponding period last year.Net operating revenue increased to Dh76.379m from Dh74.578m. Operating profit before depreciation, finance costs and non-operating items was Dh35.796m against Dh31.743m for the same period last year, the company said in a statement.
The first quarter of 2010 saw the delivery of two new Chemical Tankers bringing the total number of vessels to 14, said the statement.
Gulf NavigationGulf Navigation
stock fell 2.93 per cent to Dh0.530 on the Dubai Financial Market yesterday.Commenting on the results, Abdullah Al Shuraim, Chairman of Gulf Navigation HoldingGulf Navigation Holding, said: "The first quarter results for last year benefited from the finance income generated as a result of holding larger bank deposits at better profit rates. The year has started on a better note and we have seen some improvement in freight rates. Such continued improvements along with the acquisition of 4 Chemical Tankers under the joint venture with Stolt Nielsen should positively impact on our bottom line this year. Two of the chemical tankers have now been delivered this quarter and the remaining two are expected in the 2nd and 3rd quarter respectively. Overall operating performance has seen an improvement to previous year's quarter."
Per Wistoft, the company's Chief Executive Officer, said: "During the quarter our vessels generally performed satisfactory. However, with the older part of the fleet we did experience unexpected off hire. Overall, our markets at present seeing a shrinking order book from shipyards."
By Staff Writer
© Emirates Business 24/7 2010
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