Dhofar Beverage & Food Stuff Co. SAOG said its normalized net income for the first quarter was a loss of 79,490 Oman rials, compared with a loss of 7,080 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 fell to negative 9.1% from negative 0.7% in the year-earlier period.

Total revenue declined 17.0% on an annual basis to 870,240 rials from 1.0 million rials, and total operating expenses decreased 6.0% on an annual basis to 987,950 rials from 1.1 million rials.

Reported net income came to a loss of 126,070 rials, compared to a loss of 4,320 rials in the year-earlier period.

As of April 20, US$1 was equivalent to 385 Oman baiza.