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Dhofar Fisheries & Food Industries Q2 loss narrows YOY

Dhofar Fisheries & Food Industries Co. SAOG said its second-quarter normalized net income amounted to 71,250 Oman rials, compared with a loss of 112,500 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 climbed to negative 7.9% from negative 8.3% in the year-earlier period.

Total revenue declined 32.9% on an annual basis to 907,000 rials from 1.4 million rials, and total operating expenses fell 35.0% on an annual basis to 952,000 rials from 1.5 million rials.

Reported net income came to a loss of 114,000 rials, compared with a loss of 180,000 rials in the year-earlier period.

As of July 31, US$1 was equivalent to 385 Oman baiza.