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Dhofar Beverage & Food Stuff swings to loss in Q1

Dhofar Beverage & Food Stuff Co. SAOG said its normalized net income for the first quarter amounted to a loss of 12,030 Oman rials, compared with income of 22,170 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 1.1% from 2.3% in the year-earlier period.

Total revenue climbed 8.0% on an annual basis to 1.1 million rials from 981,350 rials, and total operating expenses climbed 11.1% year over year to 1.1 million rials from 978,880 rials.

Reported net income totaled a loss of 44,200 rials, or a loss of 2 baiza per share, compared to income of 9,790 rials, or 1 baiza per share, in the year-earlier period.

As of April 28, US$1 was equivalent to 385 Oman baiza.