Dubai-based Gulf Navigation fighting for survival despite profit boost | The National:
"Gulf Navigation is fighting to survive in the face of mounting losses and legal setbacks, in spite of posting improved revenues and profit for the first quarter of the year.
The Dubai-based shipping company 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”.
Gulf Navigation’s accumulated losses stood at Dh288.1 million at the end of March, representing more than half of its share capital, obliging the firm to hold an extraordinary general meeting with shareholders over whether to continue operations."
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