BP Oman bottom line drops 14 percent
British Petroleum Oman (BP Oman), has reported a 13.7 percent fall in its net profits for the first six months of the financial year 2002, reaching 1.17 million Omani riyals ($450,00) in first half 2002, according to the Investment Management Group (IMG) at the Oman Arab Bank.
The company’s sales declined a marginal 0.2 percent to OR33.19 million. The results were mainly attributed to low Ministry of Housing, Electricity and Water (MHEW) sales as well as reduced aviation business, due to lower uplifts by some airlines and the general downturn in the travel industry.
BP Oman is the second largest oil marketing company in Oman with 74 retail filling stations. The company distributes petroleum fuel, aviation fuel and lubricants in Oman. It was formed in 1998 after taking over businesses from BP Middle East Limited (BPME) and BP Dhofar LLC. — (menareport.com)
© 2002 Mena Report (www.menareport.com)