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Oman Refreshment Q2 profit falls YOY

Oman Refreshment Co. SAOG said its second-quarter normalized net income was 1.7 million rials, a decrease of 21.9% from 2.2 million 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 declined to 8.8% from 11.2% in the year-earlier period.

Total revenue declined on an annual basis to 19.4 million rials from 19.7 million rials, and total operating expenses increased year over year to 16.8 million rials from 16.3 million rials.

Reported net income came to 2.4 million rials, compared with 3.0 million rials in the prior-year period.

As of July 21, US$1 was equivalent to 39 Oman baiza.