Dubai: Gulf Navigation remains on the brink despite notching up better revenues and profits in the first quarter.
The Dubai-based line said in its first quarter results presentation that there is “a material uncertainty that may cast significant doubt about the group’s ability to continue as a going concern”.
Since its losses still represent more than half of its share capital, Gulf Navigation will have to hold an extraordinary general meeting with shareholders soon to decide whether to continue operations or not.
Gulf Navigation’s managing director Sandeep Kadwe has just resigned too, adding to its woes. Parag Jain is taking on the role of acting chief executive.
Gulf Navigation has been hit by many court cases against it, resulting in the sale of a couple of tankers. Its fleet today is made up of eight chemical tankers and four crewboats.