Mubasher: United Finance Company on Thursday reported a drop of 34.2% in profits in the first quarter of 2017, compared to the same period in 2016.

The company’s profits stood at OMR 757,000 ($1.96 million) in Q1-17, compared to OMR 1.15 million ($2.98 million) in Q1-16, according to a filing to the Muscat Securities (MSM).

Total revenues declined 11.1% to OMR 2.81 million in Q1-17, from OMR 3.16 million in the corresponding period in 2016, the company said.

The statement showed an increase of 2% in total expenses reaching OMR 2.05 million in Q1-17, compared to OMR 2.01 million in Q1-16.

Net profits in 2016 retreated 13.9% to OMR 4.51 million from OMR 5.24 million in 2015.