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National Mineral Water swings to loss in Q2


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National Mineral Water swings to loss in Q2

National Mineral Water Co. SAOG said its normalized net income for the second quarter amounted to a loss of 6,540 rials, compared with income of 70,500 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 negative 0.3% from 3.3% in the year-earlier period.

Total revenue rose 8.3% year over year to 2.3 million rials from 2.2 million rials, and total operating expenses climbed 16.1% from the prior-year period to 2.4 million rials from 2.0 million rials.

Reported net income totaled a loss of 78,180 rials, or a loss of 0 baiza per share, compared to income of 51,460 rials, or 0 baiza per share, in the prior-year period.

As of Aug. 10, US$1 was equivalent to 38 Oman baiza.