Mubasher: Al Hassan Engineering showed a decline of 56.4% in losses posted during the fourth quarter of 2016 as compared to the same period a year ago.

Losses decreased to OMR 3.06 million ($7.95 million) in Q4-16 when compared to OMR 7.02 million ($18.23 million) in Q4-15, according to a bourse statement issued on Monday.

During the fiscal year of 2016, losses increased by 19.7% to total OMR 9.84 million from OMR 8.22 million in the previous fiscal year.

The overall expenses of the company declined by 8.4% to reach OMR 101.16 million in FY16 from OMR 110.44 million in FY15.