Doha - Mubasher: Gulf International Services (GIS) announced on Wednesday its financial results for the nine-month period that ended 30 September 2016 with a revenue of QAR 2.3 billion and net profits of QAR 189 million.

The Group net profit closed at QAR 189 million compared to QAR 822 million for the same period in 2015, representing a decrease of QAR 633 million, the company revealed in a press release.

Earnings per share was QAR 1.02 for the first nine months of the year compared to QAR 4.42 for the same period of 2015. This year-on-year decrease was primarily due to the reduced revenue despite a notable improvement in the operating costs, the company explained in the statement.

GIS also said it is actively engaged in a series of initiatives to decrease its operating cost across the group companies, including further rationalization the costs together with optimizing the utilization of operating assets, and the supply chain.

The group companies are actively seeking for new avenues of cost optimization as it is a critical priority for the group given the current economic environment, the statement concluded.