In a filing with the Muscat Securities Market Galfar said its parent company's net loss came in at RO2.1mn for the first nine months of this year against a net profit of RO3.02mn in the same period a year ago.

Galfar shares tumbled 7.22 per cent on Sunday.

The company's consolidated total revenue dropped 10.5 per cent to RO254.3mn in the JanuarySeptember period this year from RO284.34mn in the corresponding period of 2014. Total expenses decreased 8.2 per cent to RO257.83mn from RO280.97mn.

A Gulf Baader Capital Markets (GBCM) note said Galfar results came below its estimates. It said the third quarter 2015 net loss of the company stood at RO3.5mn compared with a second quarter 2015 net loss of RO1.2mn.

'This is well below our estimates. We continue to remain cautious on the performance of the company going forward amid the challenging market environment' GBCM said.