The net profits attributable to the equity holders of Ithmaar Holding retreated by 87.2% to $1.13 million in the first quarter (Q1) of 2022, compared to $8.86 million in the same quarter of 2021, according to the company’s interim consolidated financials.

The company’s operating income increased by 14.7% to $55.30 million in Q1-22 from $48.23 million in the corresponding period of 2021.

The basic and diluted earnings per share (EPS) stood at 0.04 US cents in the first three months (3M) of 2022, versus 0.30 US cents in the year-ago period.

Meanwhile, the company has incurred accumulated losses of $801.52 million as of Q1-22, representing 106% of the company’s capital.