Oman Orix reports 16% rise in quarterly earnings
Oman Orix Leasing Co has reported a 16.2% increase in first-quarter net profit to OR1m, compared with OR863,000 in the same period of the previous year, Muscat Daily has reported. The leasing and finance company recorded a 25.7% increase in net lease income to OR2.25m from OR1.79m in the same period of 2013. As a result of growth in business, its total borrowings increased to OR86.48m, compared with OR60.67m at the end of the period under review, the company said. “Despite a significant growth in the portfolio, the infected portfolio, net of unrecognised contractual income, has declined to OR3.98m, compared with OR4m at the end of December 2013,” Oman Orix Leasing said.