Mubasher: Sembcorp Salalah Power and Water Company’s profits dropped 91.5% in the first quarter ended 31 March 2017, compared to the same period of 2016, according to a statement to the Muscat Securities Market (MSM) on Thursday.

Sembcorp achieved profits of OMR 271,380 ($702,410) in Q1-17, down from OMR 3.2 million ($8.22 million) in Q1-16.

Operating profits decreased by 1.35% to OMR 7.75 million in the first three months of 2017, compared to OMR 7.85 million in the corresponding period in the year before.

The cost of sales increased 7.93% to reach OMR 10.43 million in Q1-17, compared to OMR 9.66 million in Q1-16.

Sembcorp last reported a 7.2% rise in annual net profits to OMR 14.63 million in 2016, compared to OMR 13.64 million the year before.