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Dhofar Poultry swings to profit in Q2

Dhofar Poultry Co. SAOG said its second-quarter normalized net income came to 25,830 Oman rials, compared with a loss of 20,560 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 1.0% from negative 0.7% in the year-earlier period.

Total revenue fell 11.0% year over year to 2.5 million rials from 2.8 million rials, and total operating expenses declined 13.1% on an annual basis to 2.4 million rials from 2.8 million rials.

Reported net income declined 55.2% year over year to 41,320 rials, or 1 baiza per share, from 92,230 rials, or 2 baiza per share.

As of July 26, US$1 was equivalent to 385 Oman baiza.