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FINANCIAL NEWS
Oman Cables Industry’s H1 net profit down 27.3%
24 Jul 2011
(MENAFN) Oman Cables Industry (OCI) said that due to strong competition in the region and a setback in the global economy, in this year’s first half, the company’s net profit dropped 27.3 percent reaching USD7.7 million compared with USD10.6 million in 2010’s same period, reported Times of Oman.
OCI added that due to volumes, commodity prices and the income of the subsidiary company, Oman Aluminum processing, in the period, revenue from sales reached USD 385.7 million, with a 46 percent increase from last year’s first six months.
It also said that as a result of the Middle East’s political upheaval, the inflow of orders slowed down; furthermore, due to higher instability in the commodities market, clients became more cautious to stock cables.
It is worth noting that the region’s main producer of high quality cables’ project to boost medium voltage capacity was successfully completed and it is currently under production.
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