Middle East

Gulf Navigation back in the black following crude exit

Dubai: Gulf Navigation, which has sailed close to financial ruin in recent years, has managed a turnaround, posting its first quarterly profit since 2011. The Dubai tanker firm managed a profit of Dh539,000 in the first quarter this year, compared with a Dh19.6m loss for the first quarter of last year. It follows the company’s exit of the VLCC trades to focus on just its product business.

The profit came despite a 19% drop in revenues to Dh30.9m.  [29/04/14]

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