Raysut Cement’s net profit in first quarter declines

Muscat: Raysut Cement Company, the Sultanate’s biggest cement producer, said that its net profit declined by 61.77 per cent to OMR3.09 million for the first quarter of 2017, from OMR8.08 million posted for the same period of last year. The company’s revenue also declined by 23.19 per cent to OMR19.42 million for the first quarter from OMR25.29 million for the same period of last year, according to the first quarter results posted on MSM website.
The company said that it’s cost of sales came down by 12.64 per cent to OMR13.13 million from OMR15.03 million, while gross profit was lower at OMR6.29 million against OMR10.26 million. The basic earnings per share was lower at 15 baisas by end-March 2017, against 40 baisas for the same period of last year. The increase in income tax expenses is due to deferred tax expenses impact arising from change of tax law of Oman.
The results are initial and unaudited and are subject to the approval of the audit committee and board of directors of the company.