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Sharqiyah Desalination turns to losses in Q1

Sharqiyah Desalination turns to losses in Q1
(Photo Credit: Company website)
Sharqiyah Desalination
SHRQ
-1.56% 0.13 -0.00

Mubasher: Sharqiyah Desalination turned to losses of OMR 208,510 ($539,700) in the first quarter of 2017, against profits of OMR 93,430 ($241,800) in the same period of 2016.

Revenues rose 22.6% reaching OMR 2.93 million in Q1-17, compared to OMR 2.39 million in the corresponding period of the year before, according to the company’s financial statements.

The total cost of financing expenses increased 17.93% to OMR 2.7 million in Q1-17, compared to OMR 2.29 million in Q1-16.

The Omani company had previously reported a drop of 62.8% in annual profits reaching OMR 614,280 in 2016, compared to OMR 1.65 million in 2015.