Gulf Navigation Holding reduced its quarterly losses by 83% to reach 4.2 million dirhams in the second quarter of this year.
According to Arab Net, the accumulated losses until the end of last June amounted to 671 million dirhams, equivalent to 66% of the capital.
The company attributed the accumulated losses to the decline in revenues as a result of the repercussions of the Corona virus, in addition to the increase in financing costs.
On the other hand, Gulf Navigation announced the completion of the process of refinancing 5 ships designated for transporting petrochemical materials under new conditions.
