Mubasher: The profits of Port Services Corporation dropped 33.3% in the first quarter of 2017, compared to Q1-16, the company’s financial statement said.

Profits stood at OMR 541,510 ($1.4 million) in Q1-17, compared to OMR 811,650 ($2.1 million) in Q1-16, according to the statement.

Total income in Q1-17 fell to OMR 1.58 million, compared to OMR 2.15 million in the same period of the year before, showing a decline of 26.5%, according to a statement to the Muscat Securities Market (MSM) on Wednesday.

Total expenses decreased by 22.4% to OMR 1.04 million in Q1-17, compared to OMR 1.34 million in Q1-16.

The company turned to profitability in 2016 with OMR 2.72 million in profits on an annual basis, against losses of OMR 1.86 million in the year earlier.