Mubasher: Phoenix Power Company on Thursday reported widening its losses by 114.3% in the first quarter of 2017, compared to the same period in 2016.

Losses stood at OMR 12 million in Q1-17, compared to OMR 5.6 million in Q1-16, according to the company’s disclosure to the Muscat Securities Market (MSM).

Operating income rose 37.25% to OMR 18.4 million in Q1-17, compared to OMR 13.40 million in the corresponding period of the year before.

Operating costs increased 59.47% reaching OMR 18.6 million in Q1-17, compared with OMR 11.65 million in the same period of 2016.

Phoenix Power had previously reported that its annual net profits retreated 35.9% to OMR 18.5 million in 2016, from OMR 28.8 million in 2015.