Cairo – Mubasher: Maridive and Oil Services has succumbed into losses during the first quarter of 2019, the company’s consolidated financial statements showed.
The company suffered net losses of $3.76 million from January to March, versus profits of $6.99 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Monday.
Meanwhile, revenue fell to $39.05 million in Q1-19 from $54.75 million in Q1-18.
Lower operating revenue in Q1-19 was ascribed to the drop in revenue from subsidiaries operating in marine construction sector, the statement added.
As for standalone business, Maridive turned into losses of $1.41 million from January to March, against a profit of $1.15 million in the corresponding period a year earlier, including minority shareholders’ rights.
For the full-year 2018, Maridive reported a net profit of $14.002 million, down from $23.49 million in the previous year, including minority shareholders’ rights.
Revenue declined to $208.17 million last year from $238.8 million in 2017.
Year-on-year, standalone profits stood at $2.15 million in 2018, compared to $5.7 million.
