Oman- Galfar Engineering profits 2009 slump 82%

15 Feb 2010

(MENAFN) Oman’s Galfar Engineering said in a statement that it has posted a loss of $14.39 million in the fourth quarter of 2009 and its net profit for the year fell 81.9 percent, Reuters reported.

The firm’s full-year profit for 2009 was $2.55 million, down from $60.1 million in 2008, the company said in a statement to Muscat’s bourse, but it did not provide a fourth-quarter earnings figure, which Reuters calculated.

It is worth mentioning that Galfar Engineering, which employs more than 25,000 staff, made a net profit of $3.3 million in the fourth quarter of 2008.

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