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Salalah Mills Q2 profit falls YOY

Salalah Mills Co. SAOG said its second-quarter normalized net income was 2 Oman baiza per share, a decrease of 17.2% from 2 baiza per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 965,340 rials, a decrease of 9.6% from 1.1 million rials in the prior-year period.

The normalized profit margin fell to 4.9% from 5.6% in the year-earlier period.

Total revenue increased on an annual basis to 19.8 million rials from 18.9 million rials, and total operating expenses rose 7.8% from the prior-year period to 18.0 million rials from 16.7 million rials.

Reported net income declined 17.2% year over year to 1.4 million rials, or 3 baiza per share, from 1.7 million rials, or 4 baiza per share.

As of Aug. 7, US$1 was equivalent to 39 Oman baiza.