DUBAI - Oman's Galfar Engineering & Contracting's third-quarter profit fell 63.8 percent missing analysts' forecasts as profit on contracts and from operations fell.The firm made a third-quarter net profit of 1.25 million rials ($3.25 million), down from 3.45 million rials in the same period last year.
Galfar made a net profit of 9.72 million rials in the first nine months of the year, without offering a breakdown of the quarterly data.
That compared to 15.95 million rials in the period a year earlier, it said in a statement on the Muscat bourse website.
Profit on contracts for the nine-month period fell 23.5 percent to 19.15 million rials while profit from operations declined 33.4 percent to 13.46 million rials.
Revenue for the period rose 26.2 percent to 322.22 million rials, it said.
The firm's third-quarter profit fell short of two analysts forecasts in a Reuters survey in October.
HSBC cut the firm's prices target to 0.90 rials from 0.96 rials the same month and said it saw limited margin expansion given the lengthier execution of the Muscat expressway and higher competition.
Galfar's shares closed at 0.63 rials on Thursday.