Cairo – Mubasher: Maridive and Oil Services on Monday reported a 40% year-on-year drop in net consolidated profit for fiscal year 2018.

Net profit amounted to $14.002 million in the full-year ended 31 December 2018, versus $23.49 million in 2017, including minority shareholders’ rights, the company said in a filing to the Egyptian Exchange (EGX).

Revenues retreated to $208.17 million during the 12-month period ended December from $238.8 million in the same period of 2017.

Meanwhile, standalone profits reached $2.15 million last year, versus $ 5.7 million in the corresponding period of 2017.

In December, Maridive posted a net consolidated profit of $18.28 million for the first nine months of 2018, versus $14.69 million in the corresponding period of 2017, including minority shareholders’ rights.

Revenues shrank to $156.33 million during the nine-month period ended September 2018, versus $164.06 million in the same period a year earlier.

At the level of standalone business, the company logged $1.04 million in profits in the nine-month period of 2018, down from $4.25 million in the corresponding period of 2017.