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Oman Cement reports 71% jump in Q2 profit

26 Jul 2010

(MENAFN) Oman Cement Company, the sultanate’s second largest cement firm, posted a 71 percent jump in second-quarter net profit bolstered by state compensation but still short of analysts’ forecasts, Reuters reported.

The company reported net profit of $29.01 versus $17 million in the same quarter one year earlier. That fell short of the $35.4 million forecast on average in a poll of six analysts.

For the first half of the year, the company reported earnings of $47.6 million, up from $29.1 million in the first half of 2009. In June, the government paid the company $19.06 million as a compensation for keeping cement prices low on the directive of the ministry of finance.

The company at the time said the payment would bolster its second quarter and full year profits.

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