Mubasher: Muscat Gases Company’s profits declined in the first quarter of fiscal 2016 by 12.8% year-on-year.

Net profit reached OMR 293,160 ($759,480) in Q1-16, versus OMR 336,130 ($870,800) in Q1-15, according to the company’s financial statements released on Tuesday.

Muscat Gases earlier reported a net profit of OMR 1.30 million ($3.38 million) in 2015, compared to OMR 1.36 million ($3.53 million) in 2014.

Shareholders of the Muscat-listed bank approved cash dividends at 35% of capital (35 Baisas per share) for the fiscal year 2015.