Cairo - Mubasher: Maridive & Oil Services reported consolidated net losses of $19.8 million during the first quarter (Q1) of 2021, down by 30% year-on-year (YoY) from $28.3 million, the unaudited financial results showed.  

The revenues slumped to $37.7 million in the January-March period, compared to $65.16 million in the corresponding period a year earlier, the company said in a bourse disclosure on Wednesday.

Meanwhile, the standalone net losses widened to $9.26 million in Q1-21, compared to $7.53 million in Q1-20. 

During 2020, Maridive & Oil Services turned to net losses of $143.25 million, against net profits of $2.6 million in 2019, including minority shareholders’ rights.