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provisional unaudited and consolidated initial results for the year ended 31 December 2017.
Jan 15, 2018 - 10:32PM Company : OMAN CHLORINE

Flash News

OMAN CHLORINE SAOG

Oman Chlorine is pleased to announce the provisional unaudited and consolidated initial results for the year ended 31 December 2017.

 

 

   

 

Parent

Consolidated

S. No.

Details

 

Note

For the year 2017

For the year 2016

Variance

For the year 2017

For the year 2016

Variance

 

   

 

RO’000

RO’000

%

RO’000

RO’000

%

 

1

Net sales

 

7,221

7,247

(0.36)

8,071

7,247

11.37

 

2

Operating expenses

1

(5,466)

(4,841)

12.91

(7,466)

(5,332)

40.02

 

3

Operating Profit

 

        1,755

2,406

(27.06)

605

1,915

(68.41)

 

4

Other income

 

252

152

65.79

413

322

28.26

 

5

Profit before tax

 

2,007

2,558

(21.54)

1,018

2,237

(54.49)

 

6

Income tax

2

(467)

(332)

40.66

(467)

(332)

40.66

 

7

Profit after tax

 

1,540

2,226

(30.82)

551

1,905

(71.08)

 

8

Profit attributable to Parent company shareholders

 

 

 

 

 

 

968

 

 

2,045

 

 

(52.67)

 

9

Non-controlling interest –Share of loss

 

-

-

-

 

 

(417)

 

 

(140)

 

197.86

 

                     

 

 

Notes on the operating result of Parent Company-

 

  1. The revision in the energy cost from Jan 2017 resulted in additional energy cost of RO 331K.

  1. The revision in the income tax from 12% to 15% resulted in additional current tax liability of RO 66K and onetime additional net provision of RO 139K.

 

Note on the operating result of the subsidiary-

 

Parent company share of loss is RO 444k from the subsidiary in the United Arab Emirates, which commenced its commercial operations in September 2017 and is currently in the process of developing its markets taking into account the increase in the cost of energy by 90% as of the beginning of 2017 in United Arab Emirates. The subsidiary expects to complete the trial operation of the second phase during the first quarter of 2018, which will contribute to raising the production capacity and will positively reflect on the future financial results of the subsidiary.

 

These results are initial and unaudited, subject to the review and approval of the Audit Committee and the Board of Directors