Mubasher: The financial results of Ubar Hotels and Resorts reported a 24.74% decline in profits in the fourth quarter of 2016, compared to the same period in the previous year.

Profits totaled OMR 252,130 ($654,160) in Q4-16, down from OMR 335,000 ($869,170) in Q4-15, as shown by the company’s financial results.

Annual profits also decreased by 47.18% to OMR 427,670 compared to OMR 894,190 in 2015, according to the company’s statement to the Muscat Securities Market (MSM) on Tuesday.