Mubasher: Oman and Emirates Investment Holding reported turning to losses in its unaudited financial results for the first quarter of 2017.

The company, listed on the Abu Dhabi and Muscat bourses, posted OMR 225,000 ($582,360) in losses for Q1-17 against OMR 3.013 million ($7.79 million) in the corresponding period of 2015, according to a bourse filing.

Revenues for the period dropped 87% to OMR 498,000 compared to OMR 3.9 million in Q1-16.

Moreover, total expenses fell 21% to OMR 723,000 in Q1-17 from OMR 919,000 in the first three months of 2016.

Oman and Emirates Investment previously posted OMR 2.73 million in profits in 2016 against OMR 3.57 million in losses in 2015.