Oil & Gas

Maridive turns profitable in FY2016

MaridiveMaridive and Oil Services on Sunday posted a consolidated net profit of $21.07 million for fiscal year 2016, against a consolidated net loss of $23.43 million for FY15.

Standalone net profits increased in FY16 by 43.4% to $11.14 million, versus EGP 7.76 million for FY15, according to a bourse filing.

Revenues, however, declined in FY16 to $101.7 million from $127.6 million for FY15.

The company’s board proposed the transfer of $10.58 million to retained profits, and approved the establishment of a new branch in the Smart Village.

Standalone foreign exchange losses reached $9.4 million in FY16, while consolidated foreign exchange losses amounted to $11.7 million, another statement said.

(Source: Mubasher)


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s