Cairo – Mubasher: Maridive and Oil Services revealed the reasons behind the increase of its consolidated net losses by more than $70 million year-on-year (YoY) during the first nine months of 2020.
The halt of its project in India due to the coronavirus (COVID-19) pandemic resulted in losses of over $42 million as the company continued to incur operating expenses for more than two months without any revenue, according to a statement to the Egyptian Exchange (EGX) on Wednesday.
In addition, more than $9 million was allocated as a provision for impairment in customer relationships and $18 million for impairment provision of one of its assets held by Valentine Maritime.
Over the January-September period, Maridive incurred net losses of $92.67 million, compared to $22.225 million in the year-ago period.
