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FINANCIAL NEWS
Oman’s Raysut Cement Q1 profits fall 12.8%
22 Apr 2010
(MENAFN) Raysut Cement, Oman’s largest cement producer by market value, said that it has reported a 12.8 percent drop in first quarter net profit, as increasing competition and a drop in demand hit sales volumes.
Net income for the company fell to $17.66 million in the first three months to March 31, compared with $20.3 million in the first quarter of 2009, the company said in a statement.
Domestic cement sales plunged 35 percent while export sales dropped 25 per cent from the comparable period a year ago.
The company said it sees some improvement in the construction industry, starting in the second quarter, as the economy picks up.
Cement demand in Oman should rise by 6 to 8 percent in 2010, the firm’s chairman, Mohammed Muqaibal, said in the statement.
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