Mubasher: Renaissance Services Company cut its losses by 99% year-on-year during the second quarter of 2016, according to a bourse statement.
Losses stood at OMR 30,000 ($77,660) in Q2-16, compared to OMR 3.13 million ($8.1 million) in Q2-15.
Net profits reached OMR 2.66 million in the first half of 2016, against losses of OMR 1.91 million in the prior-year period.
Revenues declined 8.5% to OMR 108.82 million in H1-16, compared to OMR 117.78 million in H1-15.
The company’s stock declined 4.64% to reach OMR 0.288 one hour before closing, with a turnover of OMR 56,580 generated from the exchange of 196,680 shares.
