Salalah Mills Co. SAOG said its first-quarter normalized net income came to 1 Oman baiza per share, a decrease of 22.8% from 2 baiza per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 695,640 rials, a decline of 22.8% from 901,600 rials in the prior-year period.

The normalized profit margin declined to 4.8% from 5.5% in the year-earlier period.

Total revenue declined 11.5% year over year to 14.5 million rials from 16.3 million rials, and total operating expenses decreased 9.5% on an annual basis to 13.4 million rials from 14.8 million rials.

Reported net income declined 30.8% on an annual basis to 869,080 rials, or 2 baiza per share, from 1.3 million rials, or 3 baiza per share.

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