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Dhofar Poultry swings to profit in Q3

Dhofar Poultry Co. SAOG said its normalized net income for the third quarter came to 17,700 Oman rials, compared with a loss of 33,570 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 0.7% from negative 1.4% in the year-earlier period.

Total revenue increased 7.9% on an annual basis to 2.7 million rials from 2.5 million rials, and total operating expenses grew 5.5% from the prior-year period to 2.6 million rials from 2.5 million rials.

Reported net income grew 5.9% on an annual basis to 28,320 rials, or 1 baiza per share, from 26,730 rials, or 1 baiza per share.

As of Oct. 20, US$1 was equivalent to 385 Oman baiza.