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Maridive posts Q2 profit

14 August 2010

Egypt's Maridive and Oil Services has said its second-quarter net profit dropped to $11m from $29.5m a year ago, as it suffered from a continued oil industry downturn, Reuters has reported. A decline in offshore construction and contract fees cut into profit margins, Beltone analyst Ahmed Khalil said, adding that he expected an improvement due to a strong backlog of contracts worth around $569m. "The darkest period is now over. The second half of the year should be better as the company said it had resumed the execution of the Aramco contract in June," Khalil said.

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