Salalah Mills Co. SAOG said its third-quarter normalized net income amounted to 1 Oman baiza per share, compared with 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 663,830 rials, an increase of 8.6% from 611,510 rials in the prior-year period.

The normalized profit margin dropped to 4.1% from 4.1% in the year-earlier period.

Total revenue declined 9.0% on an annual basis to 13.6 million rials from 14.9 million rials, and total operating expenses declined 10.4% from the prior-year period to 12.6 million rials from 14.0 million rials.

Reported net income fell 5.6% on an annual basis to 819,240 rials, or 2 baiza per share, from 867,750 rials, or 2 baiza per share.

As of Nov. 10, US$1 was equivalent to 39 Oman baiza.