Mubasher: Oman Oil Marketing’s unaudited financial statements showed a 19.7% year-on-year fall in the company’s net profit in the first quarter of the fiscal year 2016.
Net profit reached OMR 2.12 million ($5.49 million) in Q1-16, compared to OMR 2.64 million ($6.84 million) in Q1-15, according to a bourse filing released on Thursday.
Total sales amounted to OMR 92.5 million ($240.23 million) in the first three months of 2016, rising 6.3% from OMR 87.01 million ($225.97 million) in the same period of 2015.
Cost of sales and operating expenses also increased 7.2% to OMR 90.86 million ($235.97 million) in Q1-16 from OMR 84.78 million ($220.18 million) a year earlier.
The Muscat-listed company earlier reported a net profit of OMR 12.21 million ($31.71 million) in 2015, 8.9% up from OMR 8.9 million ($23.11 million) in 2014.
