(MENAFN- Muscat Daily) Oman Cables Industry Co posted a group net profit of RO9.6mn for the six-month period ended June 30 2015 which is 10.2 per cent higher compared with RO8.7mn in the same period of last year.
Total group sales for the first half of this year stood at RO145.4mn against RO150.3mn for the same period last year. The parent company's net profit came in at RO9mn which is 7.5 per cent higher from RO8.3mn a year earlier.
In its filing with the Muscat Securities Market Oman Cables said the decrease in revenue was mainly due to the lower prices of major raw materials like copper and aluminium.
'The demand for products remains in line with the long term planned growth of infrastructure of Oman and the MENA region. Oman Cables is geared to fulfil the demand for cables which will be generated from various infrastructure projects announced in Oman and the region' the company said.
Oman Cables added that sales and profitability of its subsidiary Oman Aluminium Processing Industries LLC (OAPIL) for the first six months of 2015 was in line with their plan and that OAPIL has contributed positively to the group results.
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