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DUBAI, FEB 14 - Oman's Renaissance Services
on Tuesday reported a 93 percent drop in its annual profit for
2011 after taking a writedown from a subsidiary and as operating
expenses rose.
Renaiassance 2011 net profit was 2.29 million rials ($5.95
million), down from 32.28 million rials a year earlier.
The oil services firm said it took an expense of 11.42
million rials relating to Topaz Marine and Engineering unit.
In August, Renaissance said it had uncovered financial
misconduct and fraud at Topaz, having pulled the unit's London
initial public offering in March, citing valuation concerns and
growing regional unrest.
Renaissance's 2011 revenue was 289.9 million rials, up 14
percent from a year earlier, but operating expenses increased 24
percent over the same period to 252.8 million rials.
Renaissance also wrote back a tax provision of 3.12 million
rials.
The firm's shares rose 0.2 percent on the Muscat bourse,
trimming their losses over the past 12 months to 61 percent. Its
results were released after markets closed.
(Reporting by Matt Smith; Editing by Amran Abocar)
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