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  • 22-04-10

    Oman's Raysut Cement Q1 profits fall 12.8%

    (MENAFN) Raysut Cement, Oman's largest cement producer by market value, said that it has reported a 12.8 percent drop in first quarter net profit, as increasing competition and a drop in demand hit sales volumes. Net income for the company fell to $17.66 million in the first three months to March 31, compared with $20.3 million in the first quarter of 2009, the company said in a statement. Domestic cement sales plunged 35 percent while export sales dropped 25 per cent from the comparable period a year ago. The company said it sees some improvement in the construction industry, starting in the second quarter, as the economy picks up. Cement demand in Oman should rise by 6 to 8 percent in 2010, the firm's chairman, Mohammed Muqaibal, said in the statement.

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