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Reuters: Shell Oman Marketing H1 net profit up 68 pct

Reuters: Shell Oman Marketing H1 net profit up 68 pct

Wed Jul 20, 2005

MUSCAT, July 20 (Reuters) – Shell Oman Marketing Co (SHEL.OM: Quote, Profile, Research) said on Wednesday its first-half net profit rose 68 percent to 3.75 million rials ($9.7 million).

A company statement attributed the rise to a higher gross margin, increased sales of aviation fuel due to growing air traffic to the sultanate, more exports of lubricants and other factors.

Earnings per share increased to 0.375 rial from 0.224 rial, said the statement posted on the Muscat stock market Web site. Net assets fell to 18.1 million rials from 20.6 million rials, it said.

Shell Oman’s share gained 9.7 percent to close at 7.870 rials on Wednesday.

The company is 49-percent owned by the Royal Dutch Shell Plc (RDSb.L: Quote, Profile, Research) (RDSa.L: Quote, Profile, Research), with the rest held by shareholders in the Gulf Arab state. ($1=0.3849 rial)

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