Mubasher: Al Batinah Power on Sunday reported narrowing its losses in the fourth quarter of 2016 by 7.2% year-on-year, according to a filing to the Muscat Securities Market (MSM).

The company posted losses of OMR 2.71 million ($7 million) in Q4-16, down from OMR 2.92 million ($7.6 million) in the same period of 2015.

Net profit for the full-year 2016 reached OMR 8.29 million, up 17.1% from OMR 7.08 million in 2015.

The company’s revenues increased 4.6% year-on-year to OMR 71 million in 2016, compared to OMR 67.9 million in 2015.

Al Batinah Power’s profits for the first nine months of 2016 amounted to OMR 11 million, registering a rise of 10% from OMR 110 million in the corresponding period of 2015.

The stock ended Sunday’s session at a decline of 0.56% to OMR 0.18.