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Omani Euro Food Industries Q2 loss widens 15.4% YOY

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Omani Euro Food Industries Q2 loss widens 15.4% YOY

Omani Euro Food Industries SAOG said its normalized net income for the second quarter came to a loss of 18,750 rials, compared with a loss of 16,250 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 negative 3.8% from negative 3.1% in the year-earlier period.

Total revenue declined 5.8% on an annual basis to 489,000 rials from 519,000 rials, and total operating expenses declined on an annual basis to 503,000 rials from 521,000 rials.

Reported net income totaled a loss of 30,000 rials, or a loss of 2 baiza per share, compared to a loss of 26,000 rials, or a loss of 1 baiza per share, in the year-earlier period.

As of July 13, US$1 was equivalent to 39 Oman baiza.