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Tue 26 Jan 2010 08:28 PM

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Oman Cement says full year net profit doubles

Analysts estimate company's quarterly profit to be between $13.2m and $13.5m.

Oman Cement Co, the sultanate's second largest cement producer, said full year net profit doubled to $62.8 million from $12.54 million in 2008.

It gave no reason for the improvement in a statement on Tuesday and executives at the company were not immediately available for comment.

For the fourth quarter net profit fell 11.7 percent to 5.06 million rials, according to a Reuters calculation.

Two analysts polled by Reuters had estimated Oman Cement's quarterly profit at $13.2 million and $13.5 million respectively.

Oman Cement made a net profit of $14.8 million in the fourth quarter of 2008.

Total revenue for the past year rose to $186.3 million from $173.3 million in 2008, it said.

Earlier in January, Saudi Cement Co, the country's second largest producer, said fourth quarter profit rose 10.5 percent due to increased sales.

Oman Cement shares closed 1.4 percent lower at 0.7 rials earlier on Tuesday. (Reuters)

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