Oman Cement Company, the sultanate's second largest cement firm, posted a 71 per cent jump in second-quarter net profit bolstered by state compensation but still short of analysts' forecasts.

The company reported net profit of RO11.17 million ($29.01) versus RO6.52 million in the same quarter one year earlier. That fell short of the 13.26 million forecast on average in a Reuters poll of six analysts.

For the first half of the year, the company reported earnings of RO18.29 million, up from RO11.2 million in the first half of 2009. In June, the government paid the company RO7.34 million ($19.06 million) as a compensation for keeping cement prices low on the directive of the ministry of finance.

The company at the time said the payment would bolster its second quarter and full year profits. Oman Cement shares were recently down 0.7 per cent.-Reuters