Doha – Mubasher: Qatar Fuel (Woqod) announced a drop of 27.3% in its profits for the first quarter of 2017, compared to the same quarter in 2016.

Profits stood at QAR 176.46 million ($48.42 million) in Q1-17, compared to QAR 242.69 million ($66.59 million) in Q1-16, according to a filing to the Qatar Stock Exchange (QSE).

Earnings per share (EPS) reached QAR 1.77 in Q1-17, compared to QAR 2.44 in the corresponding period of 2016.

Woqod had previously reported a decline of 15.2% in its profits to QAR 975.02 million in 2016, compared to QAR 1.15 billion in 2015, according to the company’s financial statements.