(MENAFN- Qatar News Agency) Gulf International Services (GIS) announced its financial results for the period ended March 31, 2016 with a revenue of QR 775 million and net profit of QR 79 million.
Group revenue for the three months ended March 31, 2016 was QR 775.2 million (compared to QR 1,209.9 million in Q1 of 2015). This reduction compared to last year was driven by a combination of factors including softening of rates and reduced level of activities across all group segments due to the current market conditions and the challenges faced with the plunge in global oil prices.
Net profit for the period ended March 31, 2016 was QR 78.9 million with earnings per share of QR 0.42, compared to the profit of QR 355.7 million and earnings per share of QR 1.91 in Q1, 2015. This year-on-year decrease was primarily driven by reduced revenues across all segments following the softening of rates and reduced level of activities.
Recognizing the surrounding difficult trading conditions, the group has already embarked on several measures to improve its profitability including further rationalizing the costs together with optimizing the utilization of operating assets and the supply chain.
These measures will help the group overcome the current difficulties encountered and to move forward when the trading conditions recover, GIS said in a statement.
Gulf International Services (GIS) QSC was incorporated as a Qatari joint stock company on February 12, 2008 by Resolution Number 42 of 2008 of the State of Qatar's Ministry of Economy and Commerce, pursuant to its Memorandum and Articles of Association and Law Number 5 of 2002 concerning Commercial Companies. The authorized share capital is QR 2 billion with the issued share capital consisting of 185.8 million ordinary shares and 1 special share.
Through the group companies, Gulf International Services QSC operates in four distinct segments - insurance and reinsurance, drilling, helicopter transportation and catering services.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.