Mubasher: Majan College’s preliminary unaudited financial statements showed an expected decline of 5.3% in net profits in the second quarter which ended on 28 February 2017, compared to the corresponding period last year.
Expected profits amounted to OMR 934,200 ($2.42 million) after the provision of tax compared to OMR 984,650 ($2.55 million) in Q2 of 2016, according to the company’s financial statement.
Total revenues of Q2 reached OMR 3.68 million with a growth 4.8% compared to OMR 3.51 million in the same quarter last year.
Total expenses for Q2 stood at OMR 2.6 million compared to OMR 2.39 million in the corresponding quarter of 2016; a growth of 8.8%
Majan’s profits rose 8.6% to OMR 498,590 in Q1 which ended on 30 November 2016 compared to OMR 459,120 in Q1-15.
On the level of annual results, net profits in 2016 decreased 6.9% after discounting taxes reaching OMR 1.95 million compared to OMR 2,09 million in the fiscal year which ended on 31 August 2015.
