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PetroGulf’s losses shrink 83% in Q2-19

PetroGulf’s losses shrink 83% in Q2-19
PetroGulf recorded a 17.7% YoY increase in Q1-19 losses
GPI
GPI
4.65% 13.50 0.60

Mubasher: Gulf Petroleum Investment (PetroGulf) reported a decline of 83.2% year-on-year (YoY) in losses during the second quarter of 2019.

The losses stood at about KWD 108,120 ($356.53) during Q2-19, compared to nearly KWD 645,000 ($2.13 million) in Q2-18, according to PetroGulf’s statement to Boursa Kuwait on Thursday.

During the first half of 2019, PetroGulf registered a 45.7% YoY decrease in losses to approximately KWD 554,120 from KWD 1.02 million.

PetroGulf attributed the realised losses to a suspension of the offshore rig and the land rigs.

As for the first quarter of 2019, PetroGulf recorded a 17.7% YoY increase in losses to about KWD 446,000 from nearly KWD 379,000.