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Gulf losses of Emirati navigation worsened by 719% in 2019
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Economy News _ Baghdad
The losses of Al-Khalaih Shipping Company of the United Arab Emirates in the preliminary results lists for the year 2019 increased by 719% on an annual basis, incurring losses of about 327 million dirhams.
The company's revenue decreased by 13% on an annual basis, recording 166 million dirhams.
The company attributed the reasons for the high losses to the decrease in the value of the ships, and the stoppage of a number of ships as a result of maintenance operations in dry docks, accompanied by an increase in the cost of financing and the depreciation rate resulting from capitalization of maintenance operations.
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