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National Mineral Water swings to profit in Q1

National Mineral Water Co. SAOG said its first-quarter normalized net income was 93,190 rials, compared with a loss of 8,900 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 5.9% from negative 0.4% in the year-earlier period.

Total revenue fell 22.3% on an annual basis to 1.6 million rials from 2.0 million rials, and total operating expenses declined 29.0% on an annual basis to 1.5 million rials from 2.1 million rials.

Reported net income totaled 92,130 rials, or 0 baiza per share, compared to a loss of 82,130 rials, or a loss of 0 baiza per share, in the prior-year period.

As of May 13, US$1 was equivalent to 39 Oman baiza.