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Oman Fisheries fiscal Q4 loss widens YOY

Oman Fisheries Co. SAOG said its normalized net income for the fiscal fourth quarter ended March 31 came to a loss of 452,090 rials, compared with a loss of 19,040 rials in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 7.4% from negative 0.3% in the year-earlier period.

Total revenue climbed 11.7% year over year to 6.2 million rials from 5.5 million rials, and total operating expenses rose 22.5% on an annual basis to 6.9 million rials from 5.7 million rials.

Reported net income totaled a loss of 755,140 rials, or a loss of 1 baiza per share, compared to a loss of 166,310 rials, or a loss of 0 baiza per share, in the year-earlier period.

For the year, the company's normalized net income totaled 1.1 million rials, compared with a loss of -398,720 rials in the prior year.

Full-year total revenue grew 23.0% year over year to 24.2 million rials from 19.7 million rials, and total operating expenses grew 27.1% year over year to 26.0 million rials from 20.4 million rials.

The company said reported net income came to a loss of 1.8 million rials, or a loss of 1 baiza per share, in the full year, compared with a loss of 711,020 rials, or a loss of 1 baiza per share, the prior year.

As of May 22, US$1 was equivalent to 39 Oman baiza.