By: Islam Fadl
Mubasher: Total profits of mining companies listed on the Muscat Securities Market (MSM) declined in the third quarter of fiscal 2016 by 18.01% to OMR 192,500 ($498,000), compared to OMR 234,730 ($607,500) for Q3-15.
In the first nine months of 2016, total profits of the two listed companies, Gulf Stone and Oman Chromite, fell by 55.2% to OMR 322,200 from OMR 719,000 for the same period of 2015.
Gulf Stone made the highest gains with a net profit of OMR 120,200 for Q3-16 and OMR 319,330 for the nine-month period.
Meanwhile, Oman Chromite’s profits for Q3-15 reached 72,300, and the nine-month profit amounted to OMR 2,850.
Gulf Stone also made the highest growth in earnings as profits for the quarter ended on 30 September rose by 135.93% and profits for the January-September period leapt by 270.32%.
Oman Chromite’s profits for Q3-16 and the nine-month period decreased by 60.7% and 99.55% respectively.
Translated by: Elwy el-Manzalawy