22 October 2011
Increased competition and continued recession in key markets forced a 27 per cent drop in group profits at Oman Cables Industry (OCI) for the nine months ending September, according to financials released to the Muscat Securities Market (MSM).
Increased competition and continued recession in key markets forced a 27 per cent drop in group profits at Oman Cables Industry (OCI) for the nine months ending September, according to financials released to the Muscat Securities Market (MSM).
MSM numbers show the nine-month net profit for the group - which consists of OCI and Sohar-based subsidiary Oman Aluminium Processing Industries - dropped from RO5.92mn in 2010 to RO4.32mn for the same period in 2011.
The drop in profits comes despite a 48 per cent rise in sales figures over the same nine-month period, from RO143mn in 2010 to RO213mn in 2011.
© Muscat Daily 2011
