Muscat - Voltamp Energy Co has reported a 119 per cent surge in net profit to RO500,405 for the first quarter of 2013 from RO228,567 in the same period last year.
The company's revenue surged 49.4 per cent to RO5.24mn from RO3.5mn in the first quarter of 2012, according to company's financial report submitted to the Muscat Securities Market on Wednesday.
Qais bin Mohamed al Yousef, chairman of Voltamp Energy, said in the directors' report that improved sales at Voltamp Power LLC, Sohar resulted in higher consolidated revenue in the first quarter as compared to the same period last year.
He said, "The net consolidated profit of the company increased 118.93 per cent in the first quarter on account of lower losses at Voltamp Power LLC and higher investment returns."
The company said that all its business segments have shown improvement. "We expect this trend to continue subject to early order finalisation for power transformers and enhanced support and purchase for local manufacturers and Omani products by utilities and contractors," added Yousef.
Voltamp Energy's expenditures rose 47.7 per cent to RO4.96mn in the first quarter this year from RO3.36mn in the same period last year.
© Muscat Daily 2013
