Gulf International Services Q1 Net Profit Slumps 77.8%
Qatar's Gulf International Services reported a 77.8 percent slump in first-quarter net profit on Monday, as revenue fell across all business lines and the lower oil prices environment impacted its activities.
The firm, which has interests in insurance, aviation, oil and gas and catering, made a profit of 78.9 million riyals ($21.7 million) in the three months to March 31, according to a statement.
This was down from a profit of 355.7 million riyals in the corresponding period of 2015, and below the forecast of QNB Financial Services, which had expected a quarterly profit of 123.1 million riyals.
Revenue dropped 35.9 percent to 775.2 million riyals.
"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," the statement added.
(Reporting by David French)
