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Dhofar Fisheries & Food Industries Q4 loss narrows YOY

Dhofar Fisheries & Food Industries Co. SAOG said its fourth-quarter normalized net income amounted to a loss of 24 Oman baiza per share, compared with a loss of 66 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 a loss of 61,800 rials, compared with a loss of 168,420 rials in the prior-year period.

The normalized profit margin climbed to negative 5.5% from negative 21.4% in the year-earlier period.

Total revenue climbed 42.2% year over year to 1.1 million rials from 788,400 rials, and total operating expenses rose 14.4% from the prior-year period to 1.2 million rials from 1.0 million rials.

Reported net income came to a loss of 99,280 rials, or a loss of 39 baiza per share, compared to a loss of 277,420 rials, or a loss of 109 baiza per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 177 baiza per share, compared with a loss of 309 baiza per share in the prior year.

Normalized net income was a loss of 450,550 rials, compared with a loss of 784,670 rials in the prior year.

Full-year total revenue declined 5.1% on an annual basis to 4.0 million rials from 4.2 million rials, and total operating expenses fell 12.4% year over year to 4.7 million rials from 5.3 million rials.

The company said reported net income totaled a loss of 721,280 rials, or a loss of 284 baiza per share, in the full year, compared with a loss of 1.3 million rials, or a loss of 497 baiza per share, the prior year.

As of Feb. 29, US$1 was equivalent to 385 Oman baiza.