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Maridive’s losses swell 434% in Q1 standalone financial indicators

Maridive’s losses swell 434% in Q1 standalone financial indicators
The company’s revenues slid to $13.01 million
Maridive
MOIL
-0.47% 0.21 -0.00

Cairo – Mubasher: The unaudited standalone financial results of Maridive and Oil Services showed a 434% year-on-year (YoY) increase in its net losses to $7.53 million during the first quarter (Q1) of 2020, compared to $1.41 million.

The company’s revenues slid to $13.01 million in the January-March period from $18.12 million in the prior-year period, according to a bourse disclosure on Thursday.

It is worth mentioning that during 2019, Maridive achieved net profits of $2.64 million, down from $14.002 million in 2018.