Malta-based Medserv plc has blamed reduced revenues on instability in Libya, reports Malta Today.
The company's revenue dropped from €9.2 million in 2011 to €6.7 million last year, which also saw an operating loss, after charging depreciation, of €503,868.
Whilst production levels of oil and gas from existing fields in Libya have now reached pre-war levels, the expected recovery in exploration operation took longer than anticipated by the Group. service the major upcoming projects in the Mediterranean.
Medserv Misurata FZC resumed operations in Libya, but the damaged warehouse still has not been repaired by the local authorities, severely restricting the nature of the goods the group can store safely. A reduced workforce was retained to oversee the current business, mainly rental.
(Source: Malta Today)