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Dhofar Fisheries & Food Industries Q1 loss narrows YOY

Dhofar Fisheries & Food Industries Co. SAOG said its first-quarter normalized net income was 44,380 Oman rials, compared with a loss of 146,880 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 climbed to negative 3.4% from negative 21.2% in the year-earlier period.

Total revenue increased 88.5% on an annual basis to 1.3 million rials from 693,000 rials, and total operating expenses climbed 45.0% year over year to 1.3 million rials from 914,000 rials.

Reported net income came to a loss of 71,000 rials, compared with a loss of 235,000 rials in the year-earlier period.

As of April 28, US$1 was equivalent to 385 Oman baiza.