Mubasher: Galfar Engineering and Contracting on Sunday reported narrowing its losses by 91.18% in the quarter ended 30 June, compared to the corresponding period of 2016.

The Omani company’s losses amounted to OMR 60,000 ($155,180) in Q2-17, down from OMR 680,000 ($1.76 million) in the same quarter of the year before, according to a bourse filing.

The engineering company’s semi-annual profits retreated 98.89% reaching approximately OMR 6,000, compared to OMR 540,000 in the same half of 2016.

Galfar Engineering previously logged a 94.6% drop in profits to OMR 66,000 in Q1-17 from OMR 1.22 million in Q1-16.

By 11:02 am Muscat time on Sunday, Galfar Engineering’s stock fell 1.41% to OMR 0.07, after 154,500 shares were traded at OMR 10,820.