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Oman's Raysut Cement profits fall 21%

23 October 2010

Oman's Raysut Cement Co has said its net profit before tax fell 21% for the nine months ending September 30, 2010, due to severe competition and demand recession, Oman Daily Observer has reported. Sales revenues slumped 30% to OR49.88m this year, from OR71.3m during the same period last year. Gross profits were 19% lower at OR18.6m this year, from OR23m earned during the same period last year. "The decline in profit may be attributable mainly to the severe competition from the external markets coupled with demand recession in the export markets put pressure both on sales volume and pricing," chairman Mohammed bin Alawi Ali Muqaibal said.

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