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FINANCIAL NEWS
Oman Cement profits jump 35% in 9 months
25 Oct 2010
(MENAFN) Oman Cement Company said that it has achieved a 34.9 percent growth in net profit at $59.3 million for the first nine months of 2010, up from $43.9 million a year earlier, ONA reported.
According to officials, the government has fully reimbursed the company for the losses incurred in 2008 and 2009 on import of clinker and cement, which was undertaken by the company under the directions of the government.
However, the sales revenue fell 23 percent to $105.5 million from $137 million during the period under review, mainly due to cut throat competition from cement producers from neighboring UAE.
Oman Cement�s total sales of cement came down to 1.33 million tons from 1.68 million tons during the period.
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