Mubasher: Oman Cables Industry (OCAI) on Tuesday reported a 51% drop in profits in the second quarter of 2017, compared to the same period the year before, according to a bourse statement.
The Oman-listed company’s profits reached OMR 2.33 million ($6.03 million) in Q2-17 up from OMR 4.75 million ($12.3 million) in Q2-16.
Regarding the first half of 2017, the Omani company’s profits dropped by 43% reaching OMR 5.54 million, compared to OMR 9.71 million in H1-16.
The financial results have been affected by the increase of competitive pressure on prices and sales, as well as a surge in costs, Oman Cables stated.
Total revenues fell 35.3% in Q1-17 reaching OMR 3.21 million, versus OMR 4.96 million in the corresponding period of 2016.
