Mubasher: Port Services Corporation narrowed its losses for the third quarter of the fiscal year 2016 by 98.7% to OMR 30,000 ($77,640), compared to OMR 2.23 million ($5.77 million) for Q3-15.

The company turned to profitability on the first nine months of 2016 with a net profit of OMR 1.83 million, against a net loss of OMR 2.16 million for the same period of 2015, according to a bourse filing released on Tuesday.

Total revenue reached OMR 5.07 million in the nine-month period, 33.4% up from OMR 3.8 million for the same period last year.

The company earlier reported a net profit of OMR 1.05 million for Q2-16, rising 93.8% from OMR 541,900 for Q2-15.