2017-07-12

Initial un-audited financial results for 6 month period ended 30 June 2017

Sohar Power Company SAOG announces initial un-audited results for the 6-month period ended 30 June 2017.

Pursuant to Circular K/2/2016 on the Disclosure of Initial Quarterly Financial Results issued by the Capital Market Authority, Sohar Power Company SAOG is pleased to disclose the following initial un-audited financial results for the 6-month period ended 30 June 2017.

 

Sohar Power Company SAOG

Comprehensive income 

 

Initial un-audited financial results for 6 month period ended 30 June 2017

 

	June  2017 RO’000	June  2016 RO’000	Change %
Revenue	31,445	32,568	3.45%-
Direct/Indirect Cost	(26,461)	(27,261)	2.93%
Other income	-	403	100.00%-
Finance Cost	(3,158)	(3,597)	12.20%
Taxation (note)	(3,191)	(240)	1,229.58%
Profit after tax	(1,365)	1,873	172.88%-

 

Note: The increase in Taxation is due to the impact of the increase in Income Tax from 12% to 15%. The increase in deferred Tax expense due to the change in tax rate is RO 2.9 million.

 

The above reported numbers represent initial un-audited results and are subject to approval and confirmation by Sohar Power Company SAOG Audit Committee and Board of Directors.

 

Disclosure of the approved un-audited Financial Statements for the 6-month period ended 30 June 2017 shall be issued in accordance with the Executive Regulation of the Capital Market Law after the Board of Directors meeting of Sohar Power Company SAOG to be held on July 24, 2016.