The Management of Phoenix Power Company SAOG is pleased to announce the initial unaudited financial results for the quarter ended 31 March 2018.
The Management of Phoenix Power Company SAOG is pleased to disclose the following initial un-audited financial results for the quarter ended 31 March 2018 and a comparison with the same period of the preceding calendar year.
|
|
18-Mar |
17-Mar |
Percentage Change |
|
|
RO’000 |
RO’000 |
|
|
|
Unaudited |
Unaudited |
|
|
Operating revenue |
16,009 |
18,394 |
-12.97% |
|
Operating costs |
(15,818) |
(18,585) |
14.89% |
|
Operating profit / (loss) |
191 |
(191) |
200.00% |
|
General and administrative expenses |
(417) |
(451) |
7.54% |
|
Finance costs |
(4,773) |
(5,221) |
8.58% |
|
(Loss) before tax |
(4,999) |
(5,863) |
14.74% |
|
Tax expense |
(505) |
(6,124) |
91.75% |
|
Net (Loss) |
(5,504) |
(11,987) |
54.08% |
Note: The decrease in net loss is mainly due to recognition of deferred tax liability of OMR 5.2 Million recorded in 2017 following the change in corporate income tax rate from 12% to 15% promulgated by Royal Decree 9/2017 last year.
The above reported numbers represent initial unaudited financial results and are subject to approval and confirmation by the Company’s Audit Committee and Board of Directors.