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Sunday, 12 July 2020

Maridive & Oil Services’ net losses increase USD 7.5 mn

EARNINGS WATCH- Maridive & Oil Services’ net losses widened to USD 7.5 mn in 1Q2020, up 532% y-o-y from losses of USD 1.4 mn in 1Q2019, the company said in a regulatory filing (pdf). Revenues fell to USD 13 mn during the quarter from USD 18.1 mn in 1Q2019. The company, which is looking to divest a key subsidiary to Jeddah-based Khaled Abdullah Al Subaie Holding Company, opened talks with creditors in March as it grappled with the twin threats of covid-19 and the collapse in oil prices.

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