Mubasher: Gulf Stone Company on Sunday reported a decline of 61.3% in profits for the first quarter of 2017, compared to the same period in 2016.

Profits stood at OMR 41,730 ($108,010) in Q1-17, compared to OMR 107,680 ($278,710) in Q1-16, according to a filing to the Muscat Securities Market (MSM).

The Omani company had previously reported an increase of 238.8% in profits to OMR 406,770 in 2016, compared to OMR 120,060 in 2015.

The company approved the appointment of Tareq Sulaiman Al-Houqani as a temporary member of the board, the statement showed.