Dhofar International & Investment posts lower net profit

04/08/2011 00:00 AST

Dhofar International & Investment Holding Company, which has a stake in BankDhofar, said the parent company's profit declined to RO2.32 million for the first half, from RO2.88 million for the same period last year.

However, the group as a whole incurred a loss of RO2.91 million for the first six months of 2011, as against RO4.55 million net profit for the same period last year.

The company said that the reason for the loss was mainly due to booking of RO26.1 million loss of its banking associate on litigation.

The total revenue of the parent company was also down at RO3.58 million from RO4.20 million during the period under review.

Total assets of the parent company stood higher at RO202.91 million, as against RO 194.30 million, the company said in a statement posted on the Muscat Securities Market website.

Net asset per share was marginally lower at RO0.794 by end-June 2011, from RO0.798 for the same period of 2010.

The company said its first half results are subject to approval by audit committee and its board.

Times of Oman

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