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National Mineral Water swings to profit in Q2

National Mineral Water Co. SAOG said its second-quarter normalized net income was 34,120 rials, compared with a loss of 6,540 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 1.8% from negative 0.3% in the year-earlier period.

Total revenue fell 19.8% year over year to 1.9 million rials from 2.3 million rials, and total operating expenses decreased 22.0% year over year to 1.8 million rials from 2.4 million rials.

Reported net income came to a loss of 27,570 rials, or a loss of 0 baiza per share, compared to a loss of 78,180 rials, or a loss of 0 baiza per share, in the prior-year period.

As of Aug. 11, US$1 was equivalent to 39 Oman baiza.