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Dhofar Poultry swings to profit in Q4

Dhofar Poultry Co. SAOG said its fourth-quarter normalized net income was 198,780 rials, compared with a loss of 389,970 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 rose to 8.7% from negative 28.2% in the year-earlier period.

Total revenue climbed 65.1% on an annual basis to 2.3 million rials from 1.4 million rials, and total operating expenses decreased 8.8% year over year to 1.9 million rials from 2.1 million rials.

Reported net income totaled 134,020 rials, or 3 baiza per share, compared to a loss of 566,870 rials, or a loss of 14 baiza per share, in the year-earlier period.

For the year, the company's normalized net income totaled 221,330 rials, compared with a loss of 147,250 rials in the prior year.

Full-year total revenue rose 34.8% year over year to 9.8 million rials from 7.3 million rials, and total operating expenses grew 23.9% on an annual basis to 9.2 million rials from 7.5 million rials.

The company said reported net income totaled 375,690 rials, or 9 baiza per share, in the full year, compared with a loss of 206,840 rials, or a loss of 5 baiza per share, the prior year.

As of March 9, US$1 was equivalent to 385 Oman baiza.