Oman- Raysut Cement’s Q2 profits down 28%
14 Jul 2010
(MENAFN) Raysut Cement, Oman’s largest cement producer by market value, has posted a 28 percent drop in its second quarter profit, Reuters reported.
Sales declined 27 per cent in the first half compared to the same period in 2009, the company said in a statement.
In June, Raysut received $13 million from the government as compensation for keeping its cement prices low on the directive of the ministry of finance.
Raysut’s chief executive said in a statement at the time that the payment would have a positive effect on the company’s cash flow. Shares in Raysut have slipped 8.7 percent this year