Mubasher: Gulf International Chemicals Company on Sunday reported a 41% year-on-year drop in profits for the first quarter of 2017.

The company achieved profits of OMR 140,280 ($36,400) in Q1-17, compared to OMR 237,360 ($614,900) in Q1-16, according to its initial consolidated unaudited financial statements published on the Muscat Securities Market (MSM).

Total revenues fell 29% reaching OMR 672,540 in Q1-17, compared to OMR 945,600 in the same period of 2016.

The chemical company last reported OMR 584,410 in profits, down 10.36% from OMR 651,980 in the year before.