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Maridive H1 consolidated profits down 11%

Maridive H1 consolidated profits down 11%
Photo Credit: Arabianeye - Reuters
Maridive
MOIL
-2.15% 0.23 -0.01

Cairo – Mubasher: Maridive & Oil Services Co. posted a 11.3% decline in consolidated net profit for the first half of 2015 to $5.3 million (EGP 41.4 million), taking into account minority interest, compared with $6 million (EGP 46.8 million) in the same period a year earlier.

Meanwhile, the company’s H1 standalone net profit amounted to $5.5 million (EGP 43 million), a drop of 44% year-on-year from $9.76 million ($76.24 million).

Consolidated net profit for the first quarter of 2015 soared by 177.5% to $3.08 million (EGP 23.5 million), compared with EGP 1.1 million (EGP 8.5 million) in the year-ago period.

The Egypt-listed offshore and marine services provider said earlier Q1 standalone net profit fell by 27% to $3.551 million (EGP 27.15 million), down from $4.84 million (EGP 3.70 million) in the corresponding period a year earlier.

The company earlier posted a surge by 252% in FY14 net profit to $7.11 million, from $2.02 million a year earlier.