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Dhofar Cattle Feed swings to loss in Q3

Dhofar Cattle Feed Co. SAOG said its third-quarter normalized net income came to a loss of 494,630 rials, compared with income of 21,130 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 negative 3.8% from 0.2% in the year-earlier period.

Total revenue fell 5.4% on an annual basis to 10.8 million rials from 11.4 million rials, and total operating expenses grew year over year to 11.4 million rials from 11.3 million rials.

Reported net income came to a loss of 789,000 rials, or a loss of 9 baiza per share, compared to income of 27,000 rials, or 0.3 baiza per share, in the prior-year period.

As of Nov. 11, US$1 was equivalent to 385 Oman baiza.