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Port of Salalah reports $4.9m loss post cyclone

MUSCAT, October 10, 2018

Oman’s Port of Salalah reported a net loss after tax of RO1.922 million ($4.99 million) for the nine months ended September 30, a 169 per cent decline attributed in significant part to Cyclone Mekunu which devastated the transhipment hub when it struck the sultanate’s southern coast in May, said a report.

The figures compares with a net profit of RO2.766 million ($7.18 million) for the corresponding period of 2017, the company said in initial unaudited and unapproved financial results disclosed to the Muscat Securities Market, added the Oman Daily Observer report.

C S Venkiteswaran, chief financial officer, Port of Salalah, said that Cyclone Mekunu caused extensive damage to port assets and business operations.

He added that the silt deposited by overflowing wadis had limited the draft of vessels calling the port, while the sinking of unauthorised dhows continue to hinder operations at Berths 1, 30 and 31.

Venkiteswaran noted that though the port operations resumed partially within 10 days after the cyclone, the port is unable to reach the operational capacity due to limitations caused by the cyclone.

He confirmed that the port is adequately insured against property damage and business interruption.

Tags: | cyclone | loss | Port of Salalah |

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