(MENAFN- Muscat Daily) The group net profit of Oman Cables Industry declined by 19 per cent to RO3mn for the first quarter ended March 31, 2014, compared with RO3.7mn in the corresponding period of the previous year, according to the company's announcement to the Muscat Securities Market (MSM) on Thursday.
Group sales for the three-month period ended March 31, 2014, were at RO73.2mn, a decrease of 1.6 per cent over the same period last year.
The net profit of Oman Cables Industry (the parent company) for the first quarter of 2014 was RO3.5mn, compared with RO3.2mn during the same period in 2013, an increase of 8.9 per cent.
The parent company's sales for the three-month period ended March 31, 2014, were at RO64.7mn, an increase of 4.4 per cent over the same period last year.
''The increase in sales is mainly on account of an increase in volume sold, in spite of lower copper prices compared with the same period in 2013. The demand for products remains in line with the long-term growth of infrastructure planning of Oman and the Middle East and North Africa region,'' the company said in its filing.
Oman Cables Industry said that the sales and profitability of its subsidiary Oman Aluminium Processing Industries LLC (Oapil) for the first quarter of 2014 was in line with plans and the expansion project-related work was on track.
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