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Sohar Poultry swings to loss in fiscal Q1

Sohar Poultry Co. SAOG said its normalized net income for the fiscal first quarter ended Sept. 30 came to 13,220 rials, compared with income of 84,250 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 declined to negative 0.8% from 4.5% in the year-earlier period.

Total revenue fell 15.4% year over year to 1.6 million rials from 1.9 million rials, and total operating expenses fell 7.7% from the prior-year period to 1.6 million rials from 1.7 million rials.

Reported net income totaled a loss of 21,160 rials, compared with income of 134,810 rials in the year-earlier period.

As of Oct. 27, US$1 was equivalent to 39 Oman baiza.