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Maridive Q1 profits rise 23%

Maridive Q1 profits rise 23%
Revenues surged to $54.75 million during the three-month period ended last March
Maridive
MOIL
-1.72% 0.23 -0.00

Cairo – Mubasher: Maridive and Oil Services on Thursday reported a 23.3% year-on-year rise in net consolidated profit for the first quarter of 2018, recording $6.9 million from $5.66 million.

Revenues surged to $54.75 million during the three-month period ended last March, versus $46.72 million in the prior-year period, the company said in a filing to the Egyptian Exchange (EGX).

Meanwhile, standalone profits dropped by 45.5% to $1.16 million in Q1-18 from $2.1 million in Q1-17.

Standalone revenues narrowed to $20.01 million at the end of March, compared $20.55 million in the same period last year.

It is worth noting that Maridive last posted an 11.4% year-on-year increase in profits for the full-year 2017, recording $23.49 million from $21.07 million.