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Oman Cement Q3 Net Profit Drops 39.5%

Oman Cement Q3 Net Profit Drops 39.5%

The cement producer made a net profit after tax of OMR2.3 million ($6.0 million) in the three months to Sept. 30, compared with OMR3.8 million in the corresponding period of 2013.

Oman Cement reported a third-quarter net profit that dropped 39.5 per cent from the same period last year, according to Reuters calculations, missing the average forecast of analysts.

One of the sultanate’s largest cement producers made a net profit after tax of OMR2.3 million ($6.0 million) in the three months to Sept. 30, compared with OMR3.8 million in the corresponding period of 2013, Reuters calculated based on financial statements.

Three analysts polled by Reuters had expected the firm on average to make a net profit of OMR4.06 million.

Oman Cement made a net profit of OMR11.4 million in the first nine months of 2014, down from OMR12.4 million in the same period last year, it said in a bourse statement on Tuesday.

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