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Maridive & Oil Services posts 34% profit drop in H1-21

Maridive & Oil Services posts 34% profit drop in H1-21
The company's revenues slipped to $67.19 million
Maridive
MOIL
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Cairo – Mubasher: Maridive & Oil Services suffered consolidated net losses of $32.28 million in the first half (H1) of 2021, down by 34% year-on-year (YoY) from $48.62 million, including minority shareholders' rights. 

The company's revenues slipped to $67.19 million in the January-June period from $122.7 million in the prior-year period, according to a statement to the Egyptian Exchange (EGX) on Sunday. 

As for standalone business, the company incurred net losses of $16.76 million in H1-21, compared to $18.02 million in H1-20. 

During the first quarter (Q1) of 2021, Maridive & Oil Services reported net losses of $19.8 million, down from $28.3 million in Q1-20.