ADES International Holding Ltd. (ADES.LN) on Tuesday reported an 11% fall in pretax profit for the first half of 2017, despite increased revenue due to costs associated with its initial public offering.
The Middle East and Africa-based oil and gas drilling company made a profit of $16.6 million for the six months ended June 30, compared to $18.7 million in the year-before period. Revenue was up 46% to $87.8 million.
The company attributed the fall in profit to the one-time cost of its May IPO totaling $4.6 million. The revenue increase was driven by high utilization of employed rigs, the company said.
ADES said that new contracts won in the first half of the year will not begin until 2018, as a result of which the company expects the second half of the year to be broadly in line with first-half results.
ADES International Holding Ltd. (ADES.LN) on Tuesday reported an 11% fall in pretax profit for the first half of 2017 and lowered its guidance, after contracts it won in 2017 were delayed to the beginning of 2018.
The provider of oil-and-gas drilling and production services for the Middle…