Mubasher: Oman Hotels and Tourism Company’s profit shrank in the first quarter of fiscal 2016 by 8.8% year-on-year.

Net profit came to OMR 775,000 ($2.01 million in Q1-16, versus OMR 850,000 ($2.2 million) in Q1-15, according to the company’s financial statements released on Sunday.

Operating revenue reached OMR 1.63 million ($4.23 million) by the end of March 2016, falling 18.9% compared to OMR 2.01 million ($5.22 million) in the same period of 2015.

Total expenses also decreased in Q1-16 by 31.2% to OMR 771,000 ($2 million) from OMR 1.12 million ($2.91 million) in Q1-15.

The Muscat listed company earlier posted a net profit of OMR 2.65 million ($6.88 million) in 2015, up 7.3% from OMR 2.47 million ($6.42 million) in 2014.