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Sweets of Oman Q1 profit falls YOY

Sweets of Oman SAOG said its normalized net income for the first quarter came to 29,410 rials, a decline of 69.6% from 96,680 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 dropped to 1.2% from 3.3% in the year-earlier period.

Total revenue declined 13.9% year over year to 2.5 million rials from 2.9 million rials, and total operating expenses fell 11.3% from the prior-year period to 2.4 million rials from 2.7 million rials.

Reported net income came to 45,010 rials, compared with 139,730 rials in the year-earlier period.

As of April 22, US$1 was equivalent to 38 Oman baiza.