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Salalah Mills Q2 profit falls YOY

Salalah Mills Co. SAOG said its second-quarter normalized net income came to 2 Oman baiza per share, a decline of 23.8% from 2 baiza per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 718,420 rials, a decrease of 25.6% from 965,340 rials in the year-earlier period.

The normalized profit margin declined to 3.9% from 4.9% in the year-earlier period.

Total revenue declined 27.8% year over year to 14.3 million rials from 19.8 million rials, and total operating expenses decreased 25.7% on an annual basis to 13.4 million rials from 18.0 million rials.

Reported net income decreased 39.4% on an annual basis to 846,780 rials, or 2 baiza per share, from 1.4 million rials, or 3 baiza per share.

As of Aug. 12, US$1 was equivalent to 39 Oman baiza.