Abu Dhabi – Mubasher: Umm Al Qaiwain General Investment Co posted a decline of 36.5% in profits during the first quarter of 2017, compared to the same period in 2016.

Earnings decreased to AED 14.25 million ($3.88 million) in Q1-17 from AED 22.45 million ($6.11 million) in Q1-16, according to a bourse filing issued on Tuesday.

The company, which is listed on both Boursa Kuwait and the Abu Dhabi Securities Exchange (ADX), clarified that operating revenue declined by 35% to total AED 15.03 million in Q1-17 from AED 23.15 million in Q1-16.