Mubasher: Al Sharqiya Investment Holding company’s profits rose in the first quarter of fiscal 2016 by 31.2% year-on-year.

Net profit reached OMR 923,138 ($2.39 million) in Q1-16, against OMR 703,414 ($1.82 million) in Q1-15, according to the company’s unaudited financial statements released on Sunday.

Total income also increased 21.3% to OMR 1.14 million ($2.96 million) in the first three months of 2016, compared to OMR 939,970 ($2.4 million) in the same period of 2015.

Meanwhile, operating expenses shrank 10.4% to OMR 203,150 ($527,662) in Q1-16 from OMR 226,630 ($588,649) in Q1-15.

The Muscat-listed company earlier posted a net profit of OMR 137,670 ($357,584) in 2015, 76% down from OMR 572,950 ($1.5 million) in 2014.