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Ras Al Khaimah swings to loss in Q3

Ras Al Khaimah Poultry & Feeding Co. PSC said its normalized net income for the third quarter amounted to a loss of 72,010 dirhams, compared with income of 154,210 dirhams in the prior-year period.

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

The normalized profit margin dropped to negative 0.9% from 1.1% in the year-earlier period.

Total revenue declined 42.5% on an annual basis to 8.3 million dirhams from 14.4 million dirhams, and total operating expenses decreased 36.1% year over year to 9.3 million dirhams from 14.6 million dirhams.

Reported net income totaled a loss of 115,210 dirhams, or a loss of 0 fils per share, compared to income of 308,100 dirhams, or 0 fils per share, in the prior-year period.

As of Oct. 28, US$1 was equivalent to 3.67 United Arab Emirates dirhams.