13 November 2009
Maridive and Oil Services saw revenues decline by 41.2 percent to reach $41.8 million in the third quarter of 2009 compared to $71.0 million during the same period last year.
Margins declined as the gross profit margin reached 37 percent from 53.6 percent in the third quarter of 2008.
The company's net profit fell by 76.5 percent year-on-year to reach $6.7 million.
Revenues declined by 19.6 percent in the first nine months of 2009 to reach $155.7 million from last year's $193.6 million; while net profit dropped by 22 percent to reach $54.2 million.
In its daily market report, Beltone Financial said that the results for the third quarter were "weaker than expected," which the company has attributed partly to a delay in some of the offshore construction projects, partially due to the unfavorable weather conditions.
Analysts at the investment firm expect stronger results for the fourth quarter of 2009. "We remain positive, however, about the outlook for 2010, in light of the improvement in the oil market and the size of the current backlog for the year...provided that no further delays or cancellations will take place."
Maridive and Oil Services saw revenues decline by 41.2 percent to reach $41.8 million in the third quarter of 2009 compared to $71.0 million during the same period last year.
Margins declined as the gross profit margin reached 37 percent from 53.6 percent in the third quarter of 2008.
The company's net profit fell by 76.5 percent year-on-year to reach $6.7 million.
Revenues declined by 19.6 percent in the first nine months of 2009 to reach $155.7 million from last year's $193.6 million; while net profit dropped by 22 percent to reach $54.2 million.
In its daily market report, Beltone Financial said that the results for the third quarter were "weaker than expected," which the company has attributed partly to a delay in some of the offshore construction projects, partially due to the unfavorable weather conditions.
Analysts at the investment firm expect stronger results for the fourth quarter of 2009. "We remain positive, however, about the outlook for 2010, in light of the improvement in the oil market and the size of the current backlog for the year...provided that no further delays or cancellations will take place."
© Daily News Egypt 2009
