Galfar Engineering’s loss increases to OMR10.8m on additional impairment

Muscat: Galfar Engineering & Contracting Company on Tuesday said that the group’s consolidated losses have been revised to OMR10.82 million for 2016, after adjusting an additional impairment of receivables of OMR4.5 million and investment of OMR2 million for another associate company in India.
This was assessed by the auditors in line with IFRS provisions, according to a disclosure statement posted on MSM website.
This is also against a loss of OMR28.86 million in 2015.
The company’s total revenue stood at OMR340.88 million in 2016, against OMR345.23 million in the previous year. The consolidated expenses also stood at OMR339.91 million in 2016, against OMR342.96 million for the previous year.