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FINANCIAL NEWS
Oman Flour Mills Jul-Sep net profit down to USD1.8m
16 Nov 2011
(MENAFN) Oman Flour Mills’ chairperson, Manal Mohammed Al Abdwani, said that during the July-September period, the company’s net profit before tax reached USD1.8 million, compared with USD4.06 million in 2010’s same period, reported Times of Oman.
Al Abdwani added that during the current quarter, the group’s sales volume surged by 22 percent from the same quarter a year ago.
On the other hand, she said that the decline in profits was attributed to a loss on feed products and a decline in value of investments, on the other hand, Modern Poultry Farms, the firm’s subsidiary, made a USD64,698 profit, compared with a loss of around USD87,989 in 2010.
It is worth noting that the company started the construction of its industrial bakery, where commercial production will be expected to begin early next month.
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