Gulf Navigation Holding PJSC (GulfNav), the leading ship owning and maritime services company in the region, has announced a drop of 89 percent in net profit for the first half of 2009 at AED10.18 million, compared to AED92.96 million during the same period of 2008. Revenues for the two quarters declined to AED 170.10 million versus AED200.88 million for the first half of 2008. Operating profit of AED 67.55 million, a drop of 46% versus H1 08. The company's total assets stood at AED 2.996 billion, up 4.6% compared to AED 2.865 billion for the same period last year. However, on the whole this reflects a prudent step forward during a period of exceptional global financial instability, nevertheless showcases sustained focus on cost control and better adaptation of the current situations. Engineer Abdullah Al Shuraim, the chairman of Gulf Navigation Holding, said “despite the worldwide decline in demand for transportation of energy, we at Gulf Navigation have been maintaining good rates for our long term chartered tankers. As for our six PROBO vessels which used to be chartered out, but now operated in the spot market, earnings have been in line with the market. As a cash-rich company with strong cash flows, and constant initiatives to reduce costs, optimize operational efficiencies, and maintain best long and short terms chartering contracts this will together with the new fleet expansionary negotiation have a positive impact on our performance and results in the coming quarters. Per Wistoft, the company's chief executive officer, said “the first half of 2009 proved to be just as challenging as expected as none of our markets have shown any sign of recovery.
