Renaissance incurs loss of OMR30 million

Business Sunday 14/February/2016 19:23 PM
By: Times News Service
Renaissance incurs loss of OMR30 million

Muscat: Renaissance Services on Sunday said the company incurred a loss of OMR30.03 million for the year ended 2015, against a net profit of OMR25.43 million posted in the previous year.
The company’s revenue fell by 3.4 per cent to OMR236.05 million in 2015, from OMR244.41 million for the previous year, according to initial unaudited results posted on Muscat Securities Market website. Total operating cost was OMR154.17 million in 2015, against OMR154.85 million in the previous year.
The company said its one off charges were high at OMR35.70 million in 2015, against OMR3.94 million for the previous year.
The steep decline in oil prices has impacted the company’s operational performance, especially its offshore service vessel (OSV) business (Topaz). While Topaz has performed well in its home markets of Caspian and Mena, the impact is in its new emerging market, West Africa. Renaissance (contract services) has performed better than last year, despite accounting for initial start-up costs in its new UAE Market.
Net loss from discontinued operations was OMR6.11 million, against a net profit of OMR1.34 million in the previous year. Loss from discontinued operations in 2015 includes provisions of OMR2.9 million on account of closure of Renaissance (contract services) operations in Africa; and loss of OMR3.2 million on marine engineering business including the loss of OMR2.1 million on the divestment of this business (2014: operating loss of OMR0.6 million). Profit from discontinued operations in 2014 includes gain of OMR1.8 million on divestment of media and communications business.