Gal­far to di­vest stake in In­dian op­er­a­tions

Times of Oman - - MARKET - Times News Ser­vice

MUS­CAT: Gal­far En­gi­neer­ing and Con­tract­ing Com­pany, the Sul­tanate’s big­gest con­tract­ing firm, is plan­ning to di­vest its stake in its in­vest­ments in In­dia. Gal­far has in­vest­ments in Gal­far In­dia and five spe­cial pur­pose ve­hi­cles for road projects.

The board has ap­proved and di­rected to ex­plore po­ten­tial di­vest­ment of these in­vest­ments, Gal­far said in a dis­clo­sure state­ment posted on MSM web­site.

Gal­far En­gi­neer­ing and Con­tract­ing ear­lier said that the com­pany has achieved a con­sol­i­dated rev­enue of OMR221.29 mil­lion for the first nine months of 2017, against OMR257.52 mil­lion for the same pe­riod of last year. Also, the to­tal con­sol­i­dated ex­penses of the com­pany were lower at OMR224.65 mil­lion, against OMR256.82 mil­lion dur­ing the pe­riod. Gal­far’s net loss was OMR3.76 mil­lion for Jan­uarySeptem­ber pe­riod of this year, against a profit of OMR198,000 for the same pe­riod of last year.

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