(MENAFN- Muscat Daily) Oman Flour Mills (OFM) reported an annual 35 per cent growth in group net profit for the quarter ended September 30.
Net profit rose to RO1.74mn from RO1.29mn a year earlier according to a company filing with the Muscat Securities Market on Thursday.
'Sales volume increased marginally as compared to the same period of the previous year. Flour mill sales are marginally lower however feed mill sales are higher' OFM said in its directors report.
The parent company made a net profit of RO1.81mn in the 2014 quarter against RO1.67mn a year earlier.
OFM said the government is still evaluating the subsidy on wheat and the company continues to account for it based on the existing methodology on an accrual basis.
Profit at its subsidiary Modern Poultry Farms (MPF) slipped to RO164000 from RO193000 in the 2013 quarter.
'MPF's production increased by five per cent as compared to the same period in the previous year. However due to increase in costs the profit is marginally lower. We expect an improved performance in the coming months' OFM said in the report.
OFM's associate Sohar Poultry Co posted a loss of RO22000 against the previous year's profit of RO135000.
OFM said its Atyab Bakery achieved a turnover of RO1.7mn in the quarter which is about 53 per cent more than in the same period of the previous year. 'Sales are increasing with each passing month as new customers and markets are being added. The bakery incurred a loss of RO225000 which is 60 per cent lower from the previous year's loss of RO570000. We expect sales to improve in the coming months.'
'The cost-cutting measures undertaken by the bakery are starting to show positive results and in the coming months with increase in sales and reduction in costs we expect the performance to improve' OFM added.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.