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DOHA
Gulf International Services (GIS) reported a net profit of QR15.8 million for the six months period ended June 30, 2017. Group revenue for the period stood at QR1.25 billion, down by 22 percent on previous year, a press release said on Monday.
Earnings per share of GIS amounted to QR0.09 and total assets of the company reached QR10.5 billion as at June 30, 2017.
The company is one of the largest services group in Qatar, with interests in a broad cross-section of industries, ranging from insurance, re-insurance, onshore and offshore drilling, accommodation barge, helicopter transportation, and catering services.
GIS said the drilling segment continued to face challenges and the revenue of the segment declined due to lower daily rate of rigs, an asset not in operation and due to the impairment of one of the rigs.
The company's catering segment revenue was impacted by demobilisation of some of its major contracts in the second half of 2016, GIS said.
General downturn in medical and general insurance business and rate reduction affected the insurance segment. However, the performance of the aviation segment marginally improved from previous year, a statement said.
Meanwhile, initiatives are undertaken by the group companies to assess the impact of the current political crisis.
Aviation segment was forced to suspend a contract in one of the blockade countries under force-majeure, GIS said.
However, the company said the group companies are also assessing number of alternatives and new opportunities, and further rationalisation of the costs together with optimising the utilisation of the operating assets and the supply chain are underway across the group.
GIS's cash position remained strong with closing cash of QR1 billion across all group companies as at June 30, 2017.
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01/08/2017
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