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Dhofar Poultry swings to profit in Q1

Dhofar Poultry Co. SAOG said its normalized net income for the first quarter amounted to 74,850 Oman rials, compared with a loss of 281,380 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 increased to 4.4% from negative 33.5% in the year-earlier period.

Total revenue increased on an annual basis to 1.7 million rials from 838,770 rials, and total operating expenses rose 20.7% from the prior-year period to 1.5 million rials from 1.3 million rials.

Reported net income totaled 120,180 rials, or 3 baiza per share, compared to a loss of 450,210 rials, or a loss of 11 baiza per share, in the year-earlier period.

As of April 24, US$1 was equivalent to 385 Oman baiza.