Doha-Mubasher: Qatar Industrial Manufacturing Company (QIMC) reported a 15.2% decline in Q1-15 profit to QAR 39 million ($10.7 million), compared to QAR 46 million ($12.6 million) in Q1-14.

QIMC’s earnings per share fell to QAR 0.82 in Q1-15 from QAR 0.97 in Q1-14, according to a filing to Qatar Stock Exchange.

The drop in the company’s quarterly profit is attributed to a decrease in the profits of subsidiaries and associates as a result of the inclusion of operating expenses.

The Qatar-listed firm previously reported a 13.6% growth to QAR 160.9 million in 2014, compared to QAR 141.6 million in 2013.