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)

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