Kuwait – Mubasher: Gulf Petroleum Investment’s (Petrogulf) losses shrank 43% to reach KWD 1.3 million ($4.3 million) during the second half of 2016 as compared to KWD 2.3 million ($7.6 million) in the same period of 2015.
The company clarified in a bourse statement that the Q2 financials resulted from losses in Indonesia’s Seram Joint Venture due to lower oil prices as well as a decrease in gross profits in the UAE’s Superior Oilfield Services.
Meanwhile, Petrogulf’s financials turned profitable during the first six months of 2016 when it posted KWD 3 million versus losses of KWD 3.74 million in the same period last year.
