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Maridive's unaudited consolidated losses jump 394% in H1-20

Maridive's unaudited consolidated losses jump 394% in H1-20
The company's revenues declined to $24.03m in H1-20
Maridive
MOIL
-0.53% 0.19 -0.00

Cairo – Mubasher: The unaudited consolidated financial results of Maridive and Oil Services recorded a 394% surge in its net losses to $18.02 million in the first six months of 2020, compared to $3.64 million in the same period of 2019.

The company's revenues declined to $24.03 million in the first half (H1) of 2020 from $35.93 million in the corresponding period of 2020, according to the company's disclosure to the Egyptian Exchange (EGX) on Tuesday.

The net loss per share settled at $0.04 in H1-20, versus $0.01 in the year-ago period.

It is noteworthy to mention that in the first quarter (Q1) of 2020, the consolidated financial statements of the company showed a 651% year-on-year (YoY) rise in its net losses to $28.3 million from $3.7 million, including minority shareholders’ rights.