Oman Cable’s H1 2017 sales up by 1.1% YoY; OAPIL registers volume increase

<p>One of the world&rsquo;s top 100 wire and cable producers based in the Middle East, Oman Cable Industry recently announced the financial highlights of the six months period ended June 30, 2017. The Group&rsquo;s net profit declined 39 per cent year-on-year, and so were the results for its subsidiary Oman Aluminium Processing Industries LLC (OAPIL).</p> <p>In spite of the significant increase in aluminium wire and cable sales volume, the company&rsquo;s net profit dipped for the period under review in comparison with the corresponding period previous year.</p> <p style="text-align: center;"><img style="vertical-align: middle;" src="http://www.alcircle.com/uploads/images/Oman.jpg" alt="News" width="517" height="344" /></p> <p>Oman Cable Industry&rsquo;s net profit for the first half of the current financial year fell to RO5.7 million compared to RO9.4 million of H1 2016.</p> <p>The Group&rsquo;s total sales for the period increased by 1.1 per cent year-on-year to RO125.3 million from RO123.9 million during H1 2016.</p> <p>{googleAdsense}</p> <p>In a filing with the Muscat Securities Market, the copper and aluminium cable manufacturer said that the parent company&rsquo;s net profit dropped to RO5.9 million in the first six months of 2017 compared to RO9.8 million in the corresponding period previous year.</p> <p>&lsquo;The results for this period were impacted due to competitive pressure on prices and volumes coupled with increase in costs&rsquo;, the statement said.</p>