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Omani Euro Food Industries Q1 loss widens 64.3% YOY

Omani Euro Food Industries SAOG said its normalized net income for the first quarter was a loss of 2 Oman baiza per share, compared with a loss of 1 baiza per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 43,130 rials, compared with a loss of 26,250 rials in the prior-year period.

The normalized profit margin declined to negative 10.0% from negative 5.2% in the year-earlier period.

Total revenue declined 14.4% on an annual basis to 433,000 rials from 506,000 rials, and total operating expenses declined 8.6% from the prior-year period to 481,000 rials from 526,000 rials.

Reported net income came to a loss of 69,000 rials, or a loss of 3 baiza per share, compared to a loss of 42,000 rials, or a loss of 2 baiza per share, in the prior-year period.

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