Gulf Navigation has improved its second quarter profitability but its auditors have raised doubts over the company’s ability to continue as a going concern.
The chemical tanker owner booked a profit of AED 8m ($2.2m) from April to June, compared to AED 5.1m a year earlier.
Its six-month profit also rose from AED 10.04m to AED 14.36m.
But auditors Ernst & Young said that as of 30 June the shipowner had accumulated loss of AED 227.9m
