Muscat Port sees drastic drop in 2015 H1 net profit
Muscat Port revenues drop 98pc drop in H1
MUSCAT, July 30, 2015
Port Services Corporation (PSC), the joint stock company that operates and manages Muscat’s Port Sultan Qaboos, has reported a 98.1 per cent drop in net profit for the first six months of this year in comparison to figures from the same period in the previous year, a report said.
The drastic fall in the net profit was a result of the maritime gateway’s transition from a commercial port to a cruise tourism and heritage port, said the Oman Daily Observer report.
The net earnings (after deductions towards tax and franchise fees) declined to RO73,140 ($189,974) for the six months ended June 30, down from RO3.882 million ($10.08 million) for the corresponding period of last year, the board of directors said in approved unaudited financial results recently published, it said.
Total income slumped 75.4 per cent to RO3.287 million ($8.53 million) for HI 2015 in comparison with earnings of RO13.363 million ($34.7 million) for HI 2014.
Total expenses declined 66.1 per cent to RO3.214 million ($8.34 million) this year, down from RO9.480 million ($24.6 million) during HI 2014, said Saud bin Ahmed al Nahari, CEO, Port Services Corporation in a filing to the Capital Market Authority.