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Dhofar Cattle Feed Q4 loss narrows YOY

Dhofar Cattle Feed Co. SAOG said its normalized net income for the fourth quarter came to a loss of 193,000 rials, compared with a loss of 702,000 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 negative 3.0% from negative 8.3% in the year-earlier period.

Total revenue grew 32.3% on an annual basis to 11.2 million rials from 8.4 million rials, and total operating expenses increased 23.1% from the prior-year period to 11.3 million rials from 9.2 million rials.

Reported net income totaled a loss of 120,000 rials, or a loss of 1 baiza per share, compared to a loss of 1.0 million rials, or a loss of 13 baiza per share, in the prior-year period.

For the year, the company's normalized net income totaled 717,750 rials, compared with a loss of 1.7 million rials in the prior year.

Full-year total revenue increased 37.6% from the prior-year period to 43.9 million rials from 31.9 million rials, and total operating expenses grew 23.3% on an annual basis to 42.8 million rials from 34.7 million rials.

The company said reported net income came to 1.3 million rials, or 16 baiza per share, in the full year, compared with a loss of 2.7 million rials, or a loss of 33 baiza per share, the prior year.

As of March 1, US$1 was equivalent to 385 Oman baiza.