Gulf Navigation Holding's nine month profit falls

28 October 2010

Gulf Navigation Holding has said its net profit for the first nine months of 2010 fell to Dhs8.29m from Dhs11.61m for the same period of 2009. Net operating revenue rose to Dhs219.6m from Dhs214.83m, while operating profit for the period before depreciation, finance costs and non-operating items dropped to Dhs93.21m from Dhs101.62m a year earlier. The company said the redelivery of Gulf Scandic in the third quarter and the amortization and repair costs of Gulf Scandic, in addition to the technical down time for some of its PROBOS ships which required major repair, affected its bottom lines.

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