Sweets of Oman SAOG said its normalized net income for the third quarter amounted to 79,860 rials, a decline of 53.9% from 173,240 rials in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to 2.5% from 5.2% in the year-earlier period.

Total revenue declined year over year to 3.2 million rials from 3.3 million rials, and total operating expenses rose on an annual basis to 3.1 million rials from 3.0 million rials.

Reported net income totaled 112,450 rials, compared with 243,910 rials in the prior-year period.

As of Oct. 17, US$1 was equivalent to 39 Oman baiza.