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Oman Investment posts 22.6% fall in Q1 profits

Oman Investment posts 22.6% fall in Q1 profits
Oman Investment and Finance company’s headquarters (Photo credit: Company website)
OIFC
OIFC
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Mubasher: Oman Investment and Finance company’s profit declined in the first quarter of the fiscal year 2016 by 22.6% year-on-year.

Net profit reached OMR 1.54 million ($3.99 million) in Q1-16, compared to OMR 1.99 million ($5.16 million) in Q1-15, according to the company’s financial statements released on Sunday.

The company’s revenues rose in the three-month period by 5.7% to OMR 4.47 million ($11.61 million) from OMR 4.23 million ($10.99 million) in the same period of 2015.

Total expenses also increased by 1.4% in Q1-16 to OMR 3.58 million ($9.30 million) from OMR 3.53 million ($9.17 million) Q1-15.

The Muscat-listed company earlier reported a net profit of 6.38 million ($16.57 million) in 2015, 3.6% down from OMR 6.62 million ($17.19 million) in 2014.