Egypt's Maridive posts 9-month net down 14 pct

Reuters, Tuesday 15 Nov 2011

Egypt's Maridive and Oil Services reported a 14 per cent slide in net profit to $44.5 million for the first nine months of 2011 compared to the same period a year earlier, the bourse said in a statement on Monday.

The biggest oil services company by fleet size in the Middle East reported net profit of $51.9 million during the same period last year, the stock exchange said. 

Margins witnessed a sharp decline, both y-o-y and q-o-q, and remain well below the company’s historical average. 

Beltone Financial, a Cairo based investment bank, explains that the main reason for the drop in revenues is the temporary halt in operations in India (with ONGC) due to the monsoon season, which extends from May until September every year. Maridive hadresumed its operations in India in October 2011.

Short link: