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Muscat Thread Mills Q4 loss widens YOY

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Muscat Thread Mills Q4 loss widens YOY

4915690 said its normalized net income for the fourth quarter was a loss of 81,750 rials, compared with a loss of 5,970 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 dropped to negative 14.1% from negative 0.7% in the year-earlier period.

Total revenue declined 34.8% year over year to 577,990 rials from 886,280 rials, and total operating expenses declined 19.8% year over year to 702,240 rials from 875,890 rials.

Reported net income came to a loss of 138,610 rials, or a loss of 1 baiza per share, compared to a loss of 8,350 rials, or a loss of 0 baiza per share, in the prior-year period.

For the year, the company's normalized net income totaled 68,700 rials, compared with income of 115,230 rials in the prior year.

Full-year total revenue decreased 34.4% year over year to 2.5 million rials from 3.8 million rials, and total operating expenses decreased 27.4% year over year to 2.6 million rials from 3.5 million rials.

The company said reported net income totaled a loss of 118,980 rials, or a loss of 1 baiza per share, in the full year, compared with income of 165,800 rials, or 1 baiza per share, the prior year.

s of Feb. 16, US$1 was equivalent to 39 Oman baiza.Muscat Thread Mills SAOG

4915690 said its normalized net income for the fourth quarter was a loss of 81,750 rials, compared with a loss of 5,970 rials in the year-earlier period.