Raysut Cement reports 30% drop in 1H profit

Raysut Cement reported a net profit of OMR10.97m (US$28.5m) for the first six months ended 30 June when it was OMR15.59m in the same period last year, a decline of 29.7 per cent, the company said.

On a quarterly basis, net profit fell by 18 per cent to 4.94 in the 2Q15 from OMR6.03m in the first quarter.

Revenue stood at OMR46.83m, dropping by 5.4 per cent from OMR49.5m. On a sequential basis, revenue dropped by 8.3 per cent to OMR22.4m in the second quarter versus OMR24.43m in the first quarter.

Profit margins declined on a year-on-year and quarterly bases. Operating profit margin declined to 28.2 per cent for the first half against 36 per cent last year and net profit margin dropped to 23.4 per cent from 31.5 per cent.