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Muscat Thread Mills Q2 profit falls YOY

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Muscat Thread Mills Q2 profit falls YOY

Muscat Thread Mills SAOG said its second-quarter normalized net income came to 11,680 rials, a decrease of 76.3% from 49,220 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 fell to 1.7% from 4.8% in the year-earlier period.

Total revenue fell 31.6% year over year to 695,050 rials from 1.0 million rials, and total operating expenses fell 27.7% year over year to 668,430 rials from 925,120 rials.

Reported net income decreased 76.3% from the prior-year period to 16,460 rials, or 0 baiza per share, from 69,380 rials, or 0 baiza per share.

As of July 15, US$1 was equivalent to 39 Oman baiza.