National Mineral Water Co. SAOG said its fourth-quarter normalized net income was 55,940 rials, compared with a loss of 14,660 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 increased to 3.5% from negative 0.7% in the year-earlier period.

Total revenue fell 20.3% on an annual basis to 1.6 million rials from 2.0 million rials, and total operating expenses fell 24.3% from the prior-year period to 1.5 million rials from 2.0 million rials.

Reported net income came to a loss of 77,750 rials, or a loss of 0 baiza per share, compared to a loss of 82,870 rials, or a loss of 0 baiza per share, in the year-earlier period.

For the year, the company's normalized net income totaled 52,420 rials, compared with a loss of -36,250 rials in the prior year.

Full-year total revenue rose from the prior-year period to 8.2 million rials from 8.0 million rials, and total operating expenses increased year over year to 8.2 million rials from 8.0 million rials.

The company said reported net income came to a loss of 283,000 rials, or a loss of 1 baiza per share, in the full year, compared with a loss of 286,170 rials, or a loss of 1 baiza per share, the prior year.

As of Feb. 17, US$1 was equivalent to 39 Oman baiza.