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Oman Fisheries swings to loss in fiscal Q1

Oman Fisheries Co. SAOG said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 86,820 rials, compared with income of 31,550 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 1.4% from 0.6% in the year-earlier period.

Total revenue decreased year over year to 5.0 million rials from 5.1 million rials, and total operating expenses came to 5.1 million rials, compared with 5.1 million rials in the prior-year period.

Reported net income totaled a loss of 116,240 rials, or a loss of 0 baiza per share, compared to income of 48,460 rials, or 0 baiza per share, in the year-earlier period.

As of July 30, US$1 was equivalent to 39 Oman baiza.