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Oman Fisheries swings to profit in fiscal Q1

Oman Fisheries Co. SAOG said its normalized net income for the fiscal first quarter ended June 30 came to 31,550 rials, compared with a loss of 42,680 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 rose to 0.6% from negative 1.0% in the year-earlier period.

Total revenue rose 13.6% on an annual basis to 5.1 million rials from 4.5 million rials, and total operating expenses grew 10.5% on an annual basis to 5.1 million rials from 4.6 million rials.

Reported net income totaled 48,460 rials, or 0 baiza per share, compared to a loss of 35,750 rials, or a loss of 0 baiza per share, in the year-earlier period.

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