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Sweets of Oman Q2 profit falls YOY

Sweets of Oman SAOG said its normalized net income for the second quarter came to 143,240 rials, a decline of 36.7% from 226,440 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 dropped to 4.4% from 6.4% in the year-earlier period.

Total revenue declined 6.5% year over year to 3.3 million rials from 3.5 million rials, and total operating expenses decreased from the prior-year period to 3.1 million rials from 3.1 million rials.

Reported net income totaled 201,680 rials, compared with 318,830 rials in the year-earlier period.

As of July 10, US$1 was equivalent to 39 Oman baiza.