Search by Popular Categories


  • Consumer

  • Commercial

  • Construction

  • Industrial

  • Oil & Gas

  • DIAMOND SPONSOR

INDUSTRIAL NEWS

Port of Salalah reports $4.9m loss post cyclone

Oct 10, 2018 10:33 AM

Oman s Port of Salalah reported a net loss after tax of RO1.922 million ( 4.99 million) for the nine months ended September 30 a 169 per cent decline attributed in significant part to Cyclone Mekunu which...

Oman’s Port of Salalah reported a net loss after tax of RO1.922 million ($4.99 million) for the nine months ended September 30, a 169 per cent decline attributed in significant part to Cyclone Mekunu which devastated the transhipment hub when it struck the sultanate’s southern coast in May, said a report.

The figures compares with a net profit of RO2.766 million ($7.18 million) for the corresponding period of 2017, the company said in initial unaudited and unapproved financial results disclosed to the Muscat Securities Market, added the Oman Daily Observer report.

C S Venkiteswaran, chief financial officer, Port of Salalah, said that Cyclone Mekunu caused extensive damage to port assets and business operations.

He added that the silt deposited by overflowing wadis had limited the draft of vessels calling the port, while the sinking of unauthorised dhows continue to hinder operations at Berths 1, 30 and 31.

Venkiteswaran noted that though the port operations resumed partially within 10 days after the cyclone, the port is unable to reach the operational capacity due to limitations caused by the cyclone.

He confirmed that the port is adequately insured against property damage and business interruption.

INDUSTRIAL NEWS

Suhar Industrial City inks investment pacts worth $6.23m Mar 19, 2024 13:29 PM

Suhar Industrial City part of Oman s Public Establishment for Industrial...

Madayn unveils 'Explore' to showcase investment prospects Mar 18, 2024 13:33 PM

Oman s Public Establishment for Industrial Estates (Madayn) has...

Suhar Industrial City attracts a plastics project worth $23.4m Mar 13, 2024 13:33 PM

Suhar Industrial City affiliated to Oman s Public Establishment...

Al Buraimi Industrial City attracts furniture factory worth $18.2m Mar 12, 2024 16:22 PM

Oman s Al Buraimi Industrial City has signed an investment deal...

Karwa Motors to assemble 5,000 school buses in Oman Mar 10, 2024 15:53 PM

Karwa Motors (Oman) has signed an agreement with Oman s Ministry...

Bahwan partners India’s JBM to launch electric buses in Oman Mar 4, 2024 09:09 AM

Bahwan Automobiles and Trading LLC (BAT) one of the Oman s leading...