Oman Cables reports net profit of RO13mn

10/18/2015 2:48:10 PM

(MENAFN- Muscat Daily)Muscat-

Oman Cables Industry reported a group net profit of RO13.05mn for the nine-month period ended September 30 2015 an increase of 1.6 per cent from RO12.84mn in the same period of 2014.

Group sales however declined to RO210.64mn from RO224.53mn. Ebitda for the period stood at RO17.92mn compared with RO17.8mn during the same period of 2014.

The company board approved the results.

Sales of the parent company declined to RO170.8mn from RO188.7mn.

'The decrease in sales realisation is mainly attributable to the sharp fall in prices of major raw materials copper and aluminium' Oman Cables Industry said in its disclosure to the MSM. It added that the effect of current economic situation on the long-term plans of growth of infrastructure in the markets where Oman Cables operates is being closely monitored.

Net profit of the parent company for the first nine months of 2015 came in at RO11.83mn compared with RO11.81mn for the same period in 2014.

Oman Cables said sales and profitability of its subsidiary Oman Aluminium Processing Industries LLC (OAPIL) for the nine-month period ended September 30 2015 was in line with expectations. 'OAPIL has contributed positively to the group results' it added.

Oman Cables shares rose 1.05 per cent on Sunday.

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