Mubasher: The unaudited financial statements of Al Maha Ceramics Co reported a decline of 23.1% in profits during the first quarter of 2017, compared to the same period of 2016.

Earnings shrank to about OMR 485,940 ($1.26 million) in Q1-17 from nearly OMR 631,820 ($1.64 million) in Q1-16, according to a bourse statement issued on Tuesday.

Total revenues edged up 0.8% to reach OMR 2.48 million in Q1-17 from OMR 2.46 million in Q1-16.

The company’s overall expenses increased by 9.8% to OMR 1.91 million in Q1-17 from OMR 1.74 million in the same period of the previous year.