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National Detergent Q2 profit falls YOY

National Detergent Co. SAOG said its second-quarter normalized net income was 104,150 rials, a fall of 42.7% from 181,910 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 fell to 2.0% from 3.0% in the year-earlier period.

Total revenue declined 13.8% on an annual basis to 5.2 million rials from 6.1 million rials, and total operating expenses fell 12.7% year over year to 5.0 million rials from 5.7 million rials.

Reported net income fell 42.7% year over year to 146,650 rials, or 1 baiza per share, from 256,130 rials, or 2 baiza per share.

As of July 14, US$1 was equivalent to 39 Oman baiza.