Maridive 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.