Cairo – Mubasher: The consolidated financial statements of Maridive and Oil Services showed a 3% year-on-year drop in profits for the second quarter of 2017 due to lower revenues.
The firm achieved profits of $5.3 million in the three-month period ended June 2017, compared to $5.5 million in the prior-year period, the company said in a filing to the Egyptian Exchange (EGX) on Tuesday.
Revenues retreated to EGP 53.8 million in Q2-17, versus EGP 67 million in Q2-16.
At the level of the first half of 2017, net profit increased to $11.2 million from $9 million in H1-16.
Standalone profits amounted to $2.10 million in Q2-17, compared to $2.73 million in the corresponding period of 2016.
Maridive’s net profit reached $5.67 million in the three-month period ended March 2017 from $3.5 million in the year-ago period, including minority shareholders' rights.
