Raysut Cement posted a 38.7 per cent decline in gross profits in 1Q17 as profits reached OMR6.29m (US$16.3m), down from OMR10.26m in 1Q16, according to the company’s statement to the Muscat Securities Market.

Revenues were down 23.2 per cent to OMR19.43m in the first three months of the year, copared to OMR25.3m in 1Q16. Profit before tax reached OMR4.56m in 1Q17, a 48.6 per cent YoY decrease from OMR8.87m.