Renaissance profit slumps 93pc on Topaz charge
Muscat, February 14, 2012
Oman's Renaissance Services on Tuesday reported a 93 percent drop in its annual profit for 2011 after taking a writedown from a subsidiary and as operating expenses rose.
Renaiassance 2011 net profit was 2.29 million rials ($5.95 million), down from 32.28 million rials a year earlier.
The oil services firm said it took an expense of 11.42 million rials relating to Topaz Marine and Engineering unit.
In August, Renaissance said it had uncovered financial misconduct and fraud at Topaz, having pulled the unit's London initial public offering in March, citing valuation concerns and growing regional unrest.
Renaissance's 2011 revenue was 289.9 million rials, up 14 percent from a year earlier, but operating expenses increased 24 percent over the same period to 252.8 million rials.
Renaissance also wrote back a tax provision of 3.12 million rials. - Reuters