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Oman Refreshment Q1 profit falls YOY

Oman Refreshment Co. SAOG said its normalized net income for the first quarter came to 850,350 rials, a decrease of 28.4% from 1.2 million 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 declined to 5.2% from 7.7% in the year-earlier period.

Total revenue rose 5.5% on an annual basis to 16.3 million rials from 15.4 million rials, and total operating expenses grew 10.1% on an annual basis to 15.0 million rials from 13.6 million rials.

Reported net income totaled 1.2 million rials, compared with 1.6 million rials in the prior-year period.

As of April 22, US$1 was equivalent to 38 Oman baiza.