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Maridive’s consolidated loss balloons 651% in Q1-20

Maridive’s consolidated loss balloons 651% in Q1-20
The company’s revenues grew to $65.1 million
Maridive
MOIL
-0.53% 0.19 -0.00

Cairo – Mubasher: The consolidated financial statements of Maridive and Oil Services showed a 651% year-on-year (YoY) rise in its net losses to $28.3 million in the first quarter (Q1) of 2020 from $3.7 million, including minority shareholders’ rights.  

In the meantime, the company’s revenues grew to $65.1 million in the January-March period from $39 million in the corresponding period a year earlier, according to a bourse disclosure on Thursday.

The revenue increase was attributed to a project implemented by its 75%-owned subsidiary Valentine Maritime Ltd in India.

During 2019, Maridive reported net profits of $2.64 million, down from $14.002 million in 2018.