Galfar revises 2016 results down to net loss of RO10.8mn

March 14, 2017

Galfar Engineering and Contracting Co revised down its financial results for 2016 to a net loss of RO10.82mn from previously reported net loss of RO5.77mn in its initial results in January.

“The loss of the company has increased as compared to the initial results disclosed earlier on January 21, largely due to additional impairment of receivables RO4.5mn and investment RO2mn for another associate company in India as assessed by statutory auditors in line with the International Financial Reporting Standards (IFRS) provisions,” Galfar said in a filing to the Muscat Securities Market (MSM) on Tuesday.

In its initial results announced in January the company had reported the impairment of receivables at RO2.32mn, which now has been revised to RO7mn in audited financial statements for 2016. Galfar shares fell by 2.3 per cent on Tuesday at the MSM.

The company said its board of directors approved the audited financial statements for the year ended December 31, 2016 at their meeting on Sunday. Galfar’s annual general meeting is scheduled for March 30.

Galfar’s total consolidated revenue decreased to RO340.87mn for the year ended December 31, 2016 from RO345.23mn in the previous year. The company’s total expenses stood at RO339.91mn for 2016 compared to RO343.96mn in the previous year.