The net profits attributable to the owners of Gulf Navigation Holding (GNH) plunged to AED 1.65 million in the first quarter (Q1) of 2022 from AED 80.13 million in the corresponding period in 2021, according to the company’s unaudited consolidated financials.

The company’s operating revenues rose by 13% year-on-year (YoY) to AED 35.06 million in Q1-22 from AED 31.18 million for the same period in 2021.

The basic and diluted earnings per share (EPS) settled at AED 0.0016 in the first three months (3M) of 2022, versus AED 0.07 in the year-ago period.

Meanwhile, the company has incurred accumulated losses of AED 667.25 million as of Q1-22, accounting for 65.5% of the company’s capital.