OMAN Cables Industry Co has credited higher sales volumes and a reduction in production costs for an increase in 2013 net profit of 41.8 per cent compared with the previous year. Net profit surged to RO16.9 million ( $43.7 million ) against RO11.9 million in 2012. Total sales increased to RO306.1 million, a growth of 19 per cent compared with the previous year's figure of RO257.2 million, the company was quoted as saying in its filing to the Muscat Securities Market (MSM). "Sales increased in spite of a lower average copper rate in comparison with 2012, and on the back of the continuous strategic development of the company focusing on revenues, its entry into new markets, and on prioritising profitable projects," the company said. The company also pointed out that its project to enhance the production capacity was successfully completed within budget.
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