The Omani Government has provided OMR 750,000 (USD 1.9 million/EUR 1.5 million) in financial assistance to Majan Glass Co, the country“s troubled glass bottle manufacturer, it was reported on 16 Febr…
The Omani Government has provided OMR 750,000 (USD 1.9 million/EUR 1.5 million) in financial assistance to Majan Glass Co, the country“s troubled glass bottle manufacturer, it was reported on 16 February 2005. The sum is part of a OMR 1.5 million (USD 3.9 million/EUR 2.99 million) financial injection to be allocated by the government to boost Majan Glass“ equity and support its restructuring programme. Majan Glass Co, which has a capital of OMR 3.0 million (USD 7.8 million/EUR 5.98 million), reported accumulated losses of OMR 3.9 million (USD 10.1 million/EUR 7.8 million) at end-September 2004. The company posted a net profit of OMR 88,000 (USD 228,600/EUR 175,400) in the first nine months of 2004, after a net loss of OMR 214,000 (USD 555,800/EUR 426,600) in the year-ago period. Majan Glass Co reported a revenue of OMR 3.1 million (USD 8.1 million/EUR 6.2 million) and total assets of OMR 10.1 million (USD 26.2 million/EUR 20.1 million) for the first nine months of 2004. In the same period, the company produced a total 29,150 tonnes of glass bottles and sold 31,316 tonnes of product worth OMR 3.0 million (USD 7.8 million/EUR 5.98 million).