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Dhofar Fisheries & Food Industries Q1 loss narrows YOY

Dhofar Fisheries & Food Industries Co. SAOG said its normalized net income for the first quarter amounted to 20,000 Oman rials, compared with a loss of 44,380 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 rose to negative 1.7% from negative 3.4% in the year-earlier period.

Total revenue fell 10.3% on an annual basis to 1.2 million rials from 1.3 million rials, and total operating expenses fell 13.6% on an annual basis to 1.1 million rials from 1.3 million rials.

Reported net income came to a loss of 32,000 rials, compared with a loss of 71,000 rials in the year-earlier period.

As of April 24, US$1 was equivalent to 385 Oman baiza.