Oman Cables' 6M net profit jumps 59%

Muscat -

Oman Cables Industry's (OCI) net profit jumped 58.7 per cent for the six-month period ended June 30, 2013, as compared to the same period in 2012.

Net profit rose to RO7.3mn from RO4.6mn. OCI's sales revenue during the six-month period rose 14.9 per cent to RO128.8mn from the same period last year.

"The increase in sales, in spite of lower copper prices compared to first half of 2012, is mainly on account of the increase in sales volumes. The demand for OCI products remains in line with the long-term growth of infrastructure plans of Oman and the MENA region," the company said in its filing to the Muscat Securities Market (MSM) on Thursday.

"Commercial production has commenced at the new factory hall in Rusayl, as per schedule. The construction of a product reliability test centre facility in Rusayl to facilitate enhanced testing capabilities in line with the best international test methods is at the completion stage and will start operations from Q3 2013," the company said in its filing.

Production at the company's subsidiary, Oman Aluminium Processing Industries (OAPIL), a joint venture between OCI and Takamul Investment, also contributed positively to the group's performance during the first half of 2013, according to the report.

"The financial result of OAPIL for H1 2013 was very encouraging, which is a result of the improvement in overall operations and favourable market conditions. OAPIL has distributed 22.55 per cent dividend for the year 2012 during this period," OCI said.

2013/07/28 14:24:03 Source：《muscatdaily》

You are not allowed to view links. Register or Login