Oman Ca­bles H1 net profit falls 39%

Muscat Daily - - BUSINESS -

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.

Newspapers in English

Newspapers from Oman

© PressReader. All rights reserved.