Mubasher: The profits of Ubar Hotels and Resorts Company dropped 8.1% in the first quarter of 2017, compared to Q1-16, according to unaudited consolidated financial statements.

Ubar achieved OMR 316,180 ($818,270) in Q1-17, compared to OMR 344,100 ($890,530) in Q1-16, according to the company’s statements.

Operating costs increased by 13.6% to OMR 1.17 million in Q1-17, compared to OMR 1.03 million in Q1-16, the company added.

Annual profits of 2016 dropped 47.2% reaching OMR 472,670 compared to OMR 894,910 in 2015.