Mubasher: Renaissance Services Company on Thursday reported losses in the first quarter of 2017, against profits in the same period of 2016, according to its unaudited financial statements.

Renaissance’s losses amounted to OMR 1.05 million ($2.71 million) in Q1-17, against profits of OMR 2.7 million ($6.95 million) in Q1-16, the company said in a bourse filing.

Operating profits dropped 37.7% to OMR 7.41 million in Q1-17, compared to OMR 11.9 million in the same period in the year before.

The company last reported deepening its losses for Q4-16 by 44.9% reaching OMR 42.6 million, compared to OMR 29.41 million in Q4-15.

Net losses for 2016 reached OMR 41.76 million, up 39.1% from OMR 30.03 million in the year earlier.

By 11:28 am Muscat time, Renaissance Services’ stock lost 1.83% to OMR 0.215 per share. Turnover on the stock reached OMR 2,880, through the trading of 13,400 shares.