Muscat - Renaissance Services reported a 51 per cent growth in net profit from continuing operations for the year 2012, while it posted an increased net loss on discontinued oil and gas engineering operations, according to preliminary financial results disclosed to the Muscat Securities Market on Thursday.
The company's net profit from continuing operations rose to RO15.6mn in 2012 from RO10.3mn in the previous year. However, Renaissance reported a net loss of RO12.5mn from its discontinued oil and gas engineering operations in 2012 against a net loss of RO8mn in 2011. The company's total revenue from continuing operations rose 5.3 per cent to RO257.3mn from RO244.4mn. Operating and administrative costs related to revenue increased 6.5 per cent to RO213.2mn from RO200.1mn.
In its disclosure, Renaissance said that it is at an advanced stage of divestment of oil and gas engineering operations. "Discontinued operation is the oil and gas engineering operations of the company. This is at an advanced stage of divestment. The increase in losses of discontinued operations is due to higher provisions made for known contingencies," the company disclosure said. The results are yet to be approved by the audit committee, board of directors and shareholders of the company.
© Muscat Daily 2013
