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Maridive reveals reasons behind loss increase in 9M

Maridive reveals reasons behind loss increase in 9M
Maridive incurred net losses of $92.67 million in nine months
Maridive
MOIL
-2.16% 0.23 -0.01

Cairo – Mubasher: Maridive and Oil Services revealed the reasons behind the increase of its consolidated net losses by more than $70 million year-on-year (YoY) during the first nine months of 2020.  

The halt of its project in India due to the coronavirus (COVID-19) pandemic resulted in losses of over $42 million as the company continued to incur operating expenses for more than two months without any revenue, according to a statement to the Egyptian Exchange (EGX) on Wednesday.

In addition, more than $9 million was allocated as a provision for impairment in customer relationships and $18 million for impairment provision of one of its assets held by Valentine Maritime.

Over the January-September period, Maridive incurred net losses of $92.67 million, compared to $22.225 million in the year-ago period.