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Omani company profits fall

Drop of 63.8% for Galfar

Galfar's profits dropped this year
Galfar's profits dropped this year

Oman's Galfar Engineering and Contracting third quarter profits have fallen by 63.8% from the same period last year.

This year, the company made a US $3.25 million net profit (OR1.25 million) compared to $8.95 million in Q3 of 2008.

Galfar announced that it made a net profit of $25.3 million in the first nine months of the year, down from $41.4 million a year earlier on the Muscat bourse website.

The firm's profit fell short of two analysts forecasts in a Reuters survey in October.

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