Galfar incurs OMR5.78m loss

Muscat: Galfar Engineering and Contracting, the Sultanate’s leading contracting firm, reported a consolidated net loss of OMR5.78 million for 2016, compared to a loss of OMR28.86 million incurred in the previous year.This includes a loss of OMR3.15 million on an investment in International Water Treatment, which was disclosed by the company in December last year, according to a disclosure statement posted on MSM website.
Total revenue of the group stood at OMR340.07 million in 2016, against OMR345.23 million for the previous year. Total expenses of the company were OMR340.32 million, compared to OMR344.72 million in 2015. The company said that the financial results are initial and unaudited and not approved by the board.
The company’s shares surged ahead by 2.47 per cent to close at 83 baisas amid 1,991,514 shares changing hands on the Muscat Securities Market on Sunday.