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Dhofar Fisheries & Food Industries Q3 loss narrows YOY

Dhofar Fisheries & Food Industries Co. SAOG said its normalized net income for the third quarter came to 126,250 Oman rials, compared with a loss of 279,380 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 increased to negative 11.0% from negative 46.9% in the year-earlier period.

Total revenue climbed 93.0% on an annual basis to 1.1 million rials from 596,000 rials, and total operating expenses grew 33.9% from the prior-year period to 1.4 million rials from 1.0 million rials.

Reported net income totaled a loss of 202,000 rials, compared with a loss of 447,000 rials in the year-earlier period.

As of Oct. 29, US$1 was equivalent to 385 Oman baiza.