Oman’s Salalah Port Services (SPS) said Sunday that increased productivity and cost cutting helped the firm record a net profit of 1.88 million rials ($4.88m) in 2000 after suffering a loss the previous year, reported the Gulf Daily.
SPS posted a net loss of 3.75m rials ($9.75m) in 1999, said the paper.
“This turnaround in financial performance by the company is mainly on account of an increase in revenues by 62 percent, driven by higher volumes, major shareholder support and cost reduction,” SPS chairman Abdulaziz Ali Al Shanfari said in a statement.
He said the Omani government had also waived rent and royalty fees for SPS of 385,000 rials ($1m) while Maersk-Sealand had waived management fees of 450,000 rials ($1.170m).
SPS is a joint venture of the Omani government, Maersk Sealand and private Omani investors.
It was opened in 1998 a cost of $260m and became fully operational in May 1999.
Maersk Sealand is owned by Denmarks shipping and oil conglomerate A P Moeller – Albawaba.com
