First quarter profit for Gulf Nav

Dubai firm posts profit despite revenue drop.
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 Big savings in operating and financing costs have helped Gulf Navigation post a first quarter profit.

The Dubai-based company has announced Q1 profits of US$147,000, compared with a $5.3million loss during the same period last year.

Despite a 19 per cent drop in 2014 Q1 revenues to $8.4m, the Dubai based company was able to report its first profits since 2011, attributed to its exit from the crude oil tanker sector.

The savings in operating and financing costs happened when Gulf Navigation finally cut its ties with the crude oil shipping sector by selling its two crude oil tankers to DHT Holdings of Bermuda for US$98m in February.

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