Raysut Cement’s fourth quarter profit fell 62 per cent on a sharp drop in sales, missing analysts expectations.
Net profit for the Oman’s largest cement producer by market value dropped to OMR1.7m in the fourth quarter, according to Reuters calculations. It had profit of OMR4.5m in the prior-year period.
Analysts had forecast average profit of OMR4.99m in the quarter, according to a Reuters poll.
Raysut had full year net profit of OMR20.7m, it said in a statement on Wednesday. Reuters calculated fourth quarter profit from past financial statements. Raysut reported OMR19.03m profit for the nine months to September 30.
Raysut said total sales dropped to OMR64.97m from OMR89.3m in the comparable period one year earlier. Total income also fell to OMR65.9m from OMR93.6m.