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Dhofar Poultry swings to profit in Q2

Dhofar Poultry Co. SAOG said its normalized net income for the second quarter came to 128,770 Oman rials, compared with a loss of 309,990 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 rose to 6.7% from negative 50.3% in the year-earlier period.

Total revenue grew year over year to 1.9 million rials from 616,500 rials, and total operating expenses climbed 53.7% on an annual basis to 1.7 million rials from 1.1 million rials.

Reported net income totaled 188,540 rials, or 5 baiza per share, compared to a loss of 495,990 rials, or a loss of 12 baiza per share, in the year-earlier period.

As of July 27, US$1 was equivalent to 385 Oman baiza.