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Muscat Thread Mills Q1 profit falls YOY

Muscat Thread Mills SAOG said its first-quarter normalized net income amounted to 22,110 rials, a decline of 16.4% from 26,440 rials in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 3.1% from 3.1% in the year-earlier period.

Total revenue declined 17.7% on an annual basis to 706,630 rials from 858,880 rials, and total operating expenses decreased 16.7% on an annual basis to 663,900 rials from 796,980 rials.

Reported net income decreased 14.8% on an annual basis to 34,710 rials, or 0 baiza per share, from 40,750 rials, or 0 baiza per share.

As of April 20, US$1 was equivalent to 39 Oman baiza.