Oman Investments and Finance reports 16% drop in net profit
- Oman: Wednesday, January 30 - 2013 at 07:09
Oman Investments and Finance Co (OIFC) has announced a 16% year-on-year fall in its net profit for the year ending December 31, 2012, to OR1.75m from OR2.09m in 2011, Muscat Daily has reported. Operating expenses, excluding depreciation, interest and provisions, dropped 0.7% to OR4.4m from OR4.42m, mainly due to the reduction in other operating costs, as a result of various initiatives taken over the period. Overall operating cost increased mainly due to an increase in staff costs.
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