Gulf Mushroom Products Co. SAOG said its normalized net income for the second quarter came to 37,470 rials, a fall of 56.8% from 86,700 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 declined to 2.6% from 5.3% in the year-earlier period.

Total revenue declined 10.7% on an annual basis to 1.5 million rials from 1.6 million rials, and total operating expenses fell 5.3% year over year to 1.4 million rials from 1.5 million rials.

Reported net income declined 52.4% from the prior-year period to 55,770 rials, or 0 baiza per share, from 117,190 rials, or 0 baiza per share.

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