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Dhofar Fisheries & Food Industries Q2 loss narrows YOY

Dhofar Fisheries & Food Industries Co. SAOG said its second-quarter normalized net income amounted to 115,630 Oman rials, compared with a loss of 178,130 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 climbed to negative 11.3% from negative 12.0% in the year-earlier period.

Total revenue fell 30.9% on an annual basis to 1.0 million rials from 1.5 million rials, and total operating expenses fell 29.5% from the prior-year period to 1.2 million rials from 1.7 million rials.

Reported net income came to a loss of 185,000 rials, compared with a loss of 285,000 rials in the year-earlier period.

As of July 30, US$1 was equivalent to 385 Oman baiza.