Topaz first-quarter profit plunges 88% | The National

Topaz first-quarter profit plunges 88% | The National:



"The Dubai-based oilfield services company Topaz Energy and Marine said its net profit fell 88 per cent in the first quarter as its clients cut spending because of a drop in oil prices and rising costs.



The company’s net profit came in at US$1.1 million compared with $9.2m in the same period a year ago. Revenue for the period was $85.2m, down 4.7 per cent from $89.4m in the same period last year.



On a geographic basis, revenue from the Mena region fell 12.4 per cent, and 10.6 per cent in Africa. It did, however, rise 3.9 per cent in the Caspian region."



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