Oman Cables books 10% rise in half year profit
Muscat-listed firm logs earnings of $25mn in six months to June 30.
Oman Cables Industry Co saw net profit rise by over one tenth during the first half of the year.
The company booked earnings of OMR 9.6mn ($25mn) for the six-months ended June 30 compared to OMR 8.7mn in the same period of 2014.
Total revenue for the first half dipped to OMR 145.4mn from against OMR 150.3mn a year earlier.
The decrease in revenue was mainly due to the lower prices of major raw materials like copper and aluminium, Oman Cables said in a statement to the Muscat Securities Exchange.
“The demand for products remains in line with the long term planned growth of infrastructure of Oman and the MENA region,” the statement said.
“Oman Cables is geared to fulfil the demand for cables which will be generated from various infrastructure projects announced in Oman and the region.”