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Dhofar Fisheries & Food Industries Q1 loss narrows YOY

Dhofar Fisheries & Food Industries Co. SAOG said its first-quarter normalized net income was 146,880 Oman rials, compared with a loss of 158,750 rials in the year-earlier period.

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

The normalized profit margin dropped to negative 21.2% from negative 11.9% in the year-earlier period.

Total revenue decreased 48.1% on an annual basis to 693,000 rials from 1.3 million rials, and total operating expenses declined 41.0% on an annual basis to 914,000 rials from 1.6 million rials.

Reported net income came to a loss of 235,000 rials, compared with a loss of 254,000 rials in the year-earlier period.

As of April 29, US$1 was equivalent to 385 Oman baiza.