The Dubai-based tanker owner cut operating and financial expenses by 40% and 68% respectively to earn AED 539,000 ($146,744) in the three months to 31 March.
The profit reversed a AED 19.6m loss in the same period a year ago.
Gulf Nav made an operating profit of AED 4m compared to a loss of AED 3.86m in the first quarter of 2013.
Revenue
