Dubai: Investors dumped Gulf Navigation stock en masse yesterday as the tanker firm reported a disappointing doubling of net loss, and auditors warning the line’s future hangs in the balance. The shares in the firm closed 8.2% down at 22.4 fils per share as it announced a DH147.8m ($40.2m) loss.
Gulf Navigation's auditors said the line’s future as a going concern "is reliant upon the continued availability of external debt financing".
Gulf Navigation's chairman Abdullah Al Shuraim said "the company continues to work very closely with our lenders to ensure that a new agreement can be reached to remedy the breach of its covenants within its current lending agreements". [01/04/13]
