Oman Cables H1 net profit falls 39%
Oman Cables Industry reported a 39 per cent decline in group net profit for the six months period ended June 30, 2017. Group net profit fell to RO5.7mn for the first half of 2017 compared to RO9.4mn in the same period of the previous year.
Total sales of the group for the first six months of 2017 increased 1.1 per cent to RO125.3mn from RO123.9mn during the same period of 2016, Oman Cables Industry said in a filing to the Muscat Securities Market.
Parent company’s net profit fell to RO5.9mn in the first half of 2017 compared to RO9.8mn in the same period a year ago.
‘The results for this period were impacted due to competitive pressure on prices and volumes coupled with increase in costs’, the company said.
Oman Cables Industry said its subsidiary Oman Aluminium Processing Industries LLC (OAPIL) posted negative results for the quarter ended June 30, 2017, in spite of an increase in volumes for the period compared to the same period in 2016. It, however, added that OAPIL is successfully focusing on increasing the volumes and continues to control costs.