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Dhofar Poultry swings to loss in Q4

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Dhofar Poultry swings to loss in Q4

Dhofar Poultry Co. SAOG said its fourth-quarter normalized net income was a loss of 55,380 rials, compared with income of 35,050 rials in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 28.2% from 2.5% in the year-earlier period.

Total revenue rose 42.0% on an annual basis to 2.0 million rials from 1.4 million rials, and total operating expenses grew 68.2% from the prior-year period to 2.2 million rials from 1.3 million rials.

Reported net income came to a loss of 96,070 rials, or a loss of 2 baiza per share, compared to income of 158,370 rials, or 4 baiza per share, in the year-earlier period.

For the year, the company's normalized net income totaled 187,340 rials, compared with a loss of 532,210 rials in the prior year.

Full-year total revenue rose 95.7% year over year to 7.9 million rials from 4.0 million rials, and total operating expenses rose 58.4% on an annual basis to 7.5 million rials from 4.8 million rials.

The company said reported net income totaled 263,960 rials, or 7 baiza per share, in the full year, compared with a loss of 749,240 rials, or a loss of 19 baiza per share, the prior year.

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