(MENAFN - Muscat Daily) Voltamp Energy, the leading manufacturer of power transformers in the Middle East, has reported a 100 per cent increase in net profit for the nine-month period ended September 30, 2013 on improved sales across all its business units.
According to a filing with the Muscat Securities Market (MSM) on Tuesday, the company said net profit increased to RO1.52mn from RO761,594 in the corresponding period last year.
Quarterly net profit came in at RO513,000mn, almost flat as compared with RO509,000 recorded for the third quarter of last year.
Company chairman Qais bin Mohamed al Yousef said, in the directors' report, that improved sales of all business units have resulted in higher consolidated revenue during the nine-month period ended September 30, 2013, as compared to the same period last year. Net consolidated profit of the company increased 100 per cent during the first nine months of 2013 year-on-year mainly on account of increased revenue and higher investment returns.''
Nine-moth revenue increased by 33.76 per cent to RO17.01mn from RO12.72mn in the year-ago period.
Yousef said the power transformer business is likely to be affected by the depreciation in Asian currencies. ''Government spending in the infrastructure sector continues to be robust, which should reflect in good business for the company. The depreciation in Asian currencies has resulted in increased competition from these countries. Though this may not affect other businesses of the company, the power transformer business is likely to be severely affected.''
He added, ''All business segments of Voltamp have shown improvements. While the company is making all efforts to increase its cost-competitiveness, it will need strong support of utilities, contractors and government agencies for its locally manufactured high-quality products.''