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Dhofar Poultry swings to loss in Q2

Dhofar Poultry Co. SAOG said its second-quarter normalized net income amounted to a loss of 20,560 Oman rials, compared with income of 128,770 rials in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 0.7% from 6.7% in the year-earlier period.

Total revenue rose 47.4% on an annual basis to 2.8 million rials from 1.9 million rials, and total operating expenses climbed 68.3% on an annual basis to 2.8 million rials from 1.7 million rials.

Reported net income fell 51.1% on an annual basis to 92,230 rials, or 2 baiza per share, from 188,540 rials, or 5 baiza per share.

As of July 26, US$1 was equivalent to 385 Oman baiza.