Nov 15 2011 |
more articles from
|
Oman Flour Mills' three months net profit decline 59% on prices
Oman Flour Mills Company 's net profit declined by 59 per cent for the three months ended September 30, 2011, according to company's filing on Muscat Securities Market (MSM) on Monday. The company's net profit declined to RO658,000 compared to net profit of RO1.62mn in the same quarter of the previous year.Manal Mohammad al Abdwani, chairperson of Oman Flour Mills , attributed the decline in net profit to government's restriction on increase of feed prices and absence of subsidy.
"The restriction by the government to allow us to increase feed prices has affected our profitability of the feed mill," said Abdwani. "The feed mill is incurring losses and this in turn has reduced the overall profitability of the company and the group. "We are still awaiting the government's approval for subsidy on feed products. Should the subsidy come into force the feed mill will become profitable."
Abdwani added that the construction of an industrial bakery is under way and commercial production is expected by early December 2011.
Zawya Comment Policy
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Copyright © 2012 Zawya Ltd. All rights reserved. |
provided by www.zawya.com |
Post Your Comment