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A'Saffa Foods Q2 profit falls YOY

A'Saffa Foods SAOG said its second-quarter normalized net income came to 1.1 million rials, a fall of 14.3% from 1.3 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 dropped to 13.1% from 14.5% in the year-earlier period.

Total revenue fell year over year to 8.3 million rials from 8.7 million rials, and total operating expenses decreased from the prior-year period to 6.5 million rials from 6.6 million rials.

Reported net income declined 13.7% from the prior-year period to 1.5 million rials, or 1 baiza per share, from 1.8 million rials, or 1 baiza per share.

As of July 25, US$1 was equivalent to 39 Oman baiza.