Doha – Mubasher: Mannai Corporation’s posted on Thursday a 24.3% decline in the company’s earnings in the first quarter of fiscal 2016.

Net profit reached QAR 125.1 million ($34.32 million) in Q1-16, versus QAR 165.3 million ($45.35 million) in Q1-15, according to a bourse filing.

Mannai earlier reported net profits of QAR 532.8 million ($146.32 million), rising 1.2% from QAR 526.4 million ($144.56 million) in 2014.

The Qatar-listed company’s stock shrank 2.28% to QAR 90 ($24.72).