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Oman Fisheries swings to profit in fiscal Q3

Oman Fisheries Co. SAOG said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to 158,730 rials, compared with a loss of 315,120 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 1.9% from negative 4.7% in the year-earlier period.

Total revenue grew 26.7% year over year to 8.5 million rials from 6.7 million rials, and total operating expenses grew 14.4% from the prior-year period to 8.3 million rials from 7.2 million rials.

Reported net income came to 242,780 rials, or 0 baiza per share, compared to a loss of 506,290 rials, or a loss of 0 baiza per share, in the prior-year period.

As of Jan. 27, US$1 was equivalent to 39 Oman baiza.