MUSCAT: Voltamp Energy, the leading power transformer maker in the country, has achieved a 26 per cent growth in net profit at RO1.35 million for the first six months of 2010, over the same period last year.

“The demand for company’s range of products has shown an improvement since the beginning of the year. The export market has also shown good prospects,” stated Qais bin Mohammed Al Yousef, Chairman of Voltamp Energy.

The company’s revenue rose 2 per cent to RO6.63 million from RO6.53 million.

“With improvement in global economic situation and increase in commodity prices, it is expected that the unit prices will also rise. The company expects an improvement in the top line during the remaining half of 2010,” he added.

Voltamp’s cost of sales fell marginally – from RO4.74 million to RO4.59 million.

The company’s basic earnings per share rose 14 per cent to 49 baisas by end-June 2010, from 43 baisas for the same period of last year, while net assets per share moved down to 263 baisas from 270 baisas during the period.

Yousef said that the new power transformer unit at Sohar is expected to commence production in the first quarter of 2011.

The unit, which is a 100 per cent subsidiary of Voltamp Energy, will produce large transformers up to 315 mVA in 132 KV class in
technical collaboration with Tatung of Taiwan.

The new unit will have a capacity of 4,500 mVA per year.

“These transformers will cater to the requirement from electricity and oil and gas sectors, which offer encouraging prospects.”

The demand for power equipment is expected to grow by 12 to 15 per cent this year.

The development of basic infrastructure facilities like airports is aiding growth in demand for transformers in the country.