Port Services Corporation profit dips 51 per cent

20/01/2015 06:44 AST

Port Services Corporation on Monday said its net profit for 2014 dipped by 51.3 per cent to OMR3.06 million from OMR6.29 million posted in the previous year, mainly on account of shifting of Muscat Port's commercial activities to Sohar in August.

From August 2014, commercial operation of vessels was shifted from Port Sultan Qaboos (PSQ) to Sohar as part of the government's plan to convert Muscat port into a tourism hub. This plan has impacted the volume of business handled at the port as well as the revenue.

The company's total operating revenue also declined by 37.2 per cent to OMR14.24 million from OMR22.66 million for 2013, according to the preliminary results posted on MSM website. The company's operating expenses showed a 16.5 per cent fall at OMR10.94 million from OMR13.09 million.

Non-operating income also plunged by 32.1 per cent to OMR1.63 million from OMR2.40 million during the period under review.

Earnings per share of the company dipped to 32 baisas by December-end, from 66 baisas for the same period of 2013. The unaudited results are subject to approval by audit committee, board of directors and shareholders.

With commercial operations shifting to Sohar, only cruise vessels, dhows, passenger vessels as well as naval vessels are calling Muscat port. In addition, Port Services Corporation receives the grain vessels, bitumen, livestock and fishing trawlers, vegetable oil and cement ships until the end of 2015.

Times of Oman