Gulf Navigation Holding Q1 profit USD59,894

12 May 2011

(MENAFN) Gulf Navigation Holding PJSC said that its first quarter net profit reached USD59,894 compared with USD835,806 in the same period in 2010, reported Gulf News.

The company added that the non state ship owning and maritime services’ net operating revenue was USD18.7 million compared with USD18.28 million for the fourth quarter in 2010 and with USD21.8 million for the same quarter last year, adding that operating profit before depreciation, finance costs and non operating items reached USD6.9 million in the first quarter compared with USD2.69 million for the fourth quarter last year and with USD9.7 million for the same period in 2010.

The company also said that during the first quarter, the company started executing its 5 year plan by buying and chartering “Gulf Eyadah”, a 300,000 dead weight tone (dwt) Very Large Crude Carrier (VLCC), and building two new 320,000 dwt VLCC carriers. In 2012 and 2013, the ships would join the fleet would be delivered for 10 year charter agreements worth about USD284.7 million.

It is worth noting that Gulf Navigation Holding is also forming subsidiaries for consequential listing in international stock exchanges, in order to provide added share value to its shareholders.

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