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.