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Dhofar Poultry swings to loss in Q3

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Dhofar Poultry swings to loss in Q3

Dhofar Poultry Co. SAOG said its third-quarter normalized net income came to a loss of 33,570 Oman rials, compared with income of 39,100 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 declined to negative 1.4% from 1.7% in the year-earlier period.

Total revenue grew 7.8% year over year to 2.5 million rials from 2.3 million rials, and total operating expenses grew 13.3% year over year to 2.5 million rials from 2.2 million rials.

Reported net income declined 47.9% year over year to 26,730 rials, or 1 baiza per share, from 51,300 rials, or 1 baiza per share.

As of Oct. 27, US$1 was equivalent to 385 Oman baiza.