Mubasher: Construction Materials Industries & Contracting on Wednesday announced turning to losses in the first quarter of 2017, against profits in the first quarter last year.

The company’s losses stood at OMR 27,130 ($70,220) in Q1-17, against profits of OMR 34,000 ($88,010) in Q1-16, according to a filing to the Muscat Securities Market (MSM).

The Omani construction company attributed its losses to a 4.8% decline in total income reaching OMR 766,970 in Q1-17, compared to OMR 805,640 in the corresponding period of the year earlier.

Construction Materials had previously reported decreasing its net losses by 83.1% to OMR 19,740 in 2016, compared to OMR 116,450 in 2015.