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Dhofar Fisheries & Food Industries Q2 loss narrows YOY

Dhofar Fisheries & Food Industries Co. SAOG said its second-quarter normalized net income was 112,500 Oman rials, compared with a loss of 115,630 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 climbed to negative 8.3% from negative 11.3% in the year-earlier period.

Total revenue rose 31.8% year over year to 1.4 million rials from 1.0 million rials, and total operating expenses grew 20.1% on an annual basis to 1.5 million rials from 1.2 million rials.

Reported net income came to a loss of 180,000 rials, compared with a loss of 185,000 rials in the year-earlier period.

As of July 29, US$1 was equivalent to 385 Oman baiza.