Gulf Mushroom Products Co. SAOG said its fourth-quarter normalized net income was 92,090 rials, an increase of 92.5% from 47,850 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 5.7% from 3.2% in the year-earlier period.

Total revenue climbed 9.8% year over year to 1.6 million rials from 1.5 million rials, and total operating expenses rose year over year to 1.4 million rials from 1.4 million rials.

Reported net income declined 5.3% on an annual basis to 91,000 rials, or 0 baiza per share, from 96,060 rials, or 0 baiza per share.

For the year, the company's normalized net income totaled 245,110 rials, a rise of 9.6% from 223,670 rials in the prior year.

Full-year total revenue totaled 6.2 million rials, compared with 6.1 million rials in the prior year, and total operating expenses totaled 5.8 million rials, compared with 5.7 million rials in the year-earlier period.

The company said reported net income decreased year over year to 314,040 rials, or 1 baiza per share, in the full year, from 326,330 rials, or 1 baiza per share.

As of Feb. 18, US$1 was equivalent to 39 Oman baiza.