Mubasher: Topaz Energy and Marine, a subsidiary of Renaissance Services, reported that it turned to losses in the first quarter of 2017, according to financial statements.
Net losses stood at $3.3 million in Q1-17, against profits of $2 million in Q1-16, the statement added.
Topaz’s revenues fell 25.1% reaching $58.2 million in Q1-17, compared to $77.7 million in the same period in the year earlier.
The company attributed turning to losses to its contracts for towers and trains in Kazakhstan, and a decrease in the use of ships in the MENA region.
Losses will be offset through savings worth $2.1 million from the company’s expenses, Topaz noted.
Quarter-on-quarter, the company’s direct costs decreased 19.8% to reach $38.5 million, compared to $47.5 million.
Topaz’s losses deepened 74.4% reaching $102 million in 2016, compared to $58.5 million in 2015.
