The Management of Phoenix Power Company SAOG is pleased to announce the initial unaudited financial results for the year ended 31 December 2017.
The Management of Phoenix Power Company SAOG is pleased to disclose the following initial un-audited financial results for the year ended 31 December 2017 and a comparison with the same period of the preceding calendar year.
|
|
17-Dec |
16-Dec |
Percentage Change |
|
|
RO’000 |
RO’000 |
|
|
|
Unaudited |
Audited |
|
|
Operating revenue |
128,401 |
117,301 |
9.46% |
|
Operating costs |
(92,886) |
(80,993) |
-14.68% |
|
Operating profit |
35,515 |
36,308 |
-2.18% |
|
Other income 1 |
5,348 |
10,115 |
-47.13% |
|
General and administrative expenses |
(1,329) |
(1,317) |
-0.91% |
|
Finance costs |
(20,628) |
(21,721) |
5.03% |
|
Profit before tax |
18,906 |
23,385 |
-19.15% |
|
Tax expense 2 |
(8,922) |
(4,927) |
-81.08% |
|
Net Profit |
9,984 |
18,458 |
-45.91% |
Note1: Other income represents Liquidated Damages for delay of final power which were recognized during the year.
Note2: Royal Decree 9/2017 was issued on 19 February 2017 and published in the Official Gazette on 26 February 2017. The impact of this change on deferred tax liability for the prior years is RO 5.187 M.
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.