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Dhofar Beverage & Food Stuff swings to loss in Q4

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Dhofar Beverage & Food Stuff swings to loss in Q4

Dhofar Beverage & Food Stuff Co. SAOG said its fourth-quarter normalized net income was a loss of 29,480 Oman rials, compared with income of 23,290 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 negative 2.8% from 1.8% in the year-earlier period.

Total revenue declined 18.7% year over year to 1.1 million rials from 1.3 million rials, and total operating expenses declined 10.5% from the prior-year period to 1.2 million rials from 1.3 million rials.

Reported net income totaled a loss of 63,630 rials, or a loss of 4 baiza per share, compared to income of 57,220 rials, or 3 baiza per share, in the prior-year period.

For the year, the company's normalized net income totaled 87,950 rials, a decrease of 63.2% from 238,930 rials in the prior year.

Full-year total revenue declined 12.9% year over year to 4.9 million rials from 5.6 million rials, and total operating expenses fell 8.7% on an annual basis to 4.8 million rials from 5.3 million rials.

The company said reported net income fell 60.8% year over year to 122,910 rials, or 6 baiza per share, in the full year, from 313,220 rials, or 16 baiza per share.

As of March 8, US$1 was equivalent to 385 Oman baiza.