Doha – Mubasher: Qatar Islamic Insurance’s profits went down by 33.7% year-on-year in the first quarter of the fiscal year 2016, the company reported on Thursday.

Net earnings reached QAR 22.15 million ($6.09 million) in Q1-16, versus QAR 33.39 million ($9.17 million) in Q1-15, according to the company’s financial statements.

Earnings per share came to QAR 1.48 ($0.41) by the end of March 2016, compared to QAR 2.23 ($0.61) in the same period of 2015.

The Qatar-listed company earlier posted a net profit of QAR 81.99 million ($22.52 million) in 2015, against QAR 73.38 million ($20.15 million) in 2014.

Shareholders of the company approved cash dividends at 40% of capital or QAR 4 ($1.10) for fiscal 2015.

The stock declined in today’s early trading by 0.61% to QAR 65 ($17.85).