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Omani Euro Food Industries Q4 loss widens 52.9% YOY

Omani Euro Food Industries SAOG said its fourth-quarter normalized net income amounted to a loss of 3 Oman baiza per share, compared with a loss of 2 baiza per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 67,060 rials, compared with a loss of 43,850 rials in the prior-year period.

The normalized profit margin dropped to negative 15.9% from negative 12.6% in the year-earlier period.

Total revenue climbed 20.9% year over year to 420,440 rials from 347,850 rials, and total operating expenses increased 28.8% from the prior-year period to 473,910 rials from 367,880 rials.

Reported net income came to a loss of 107,290 rials, or a loss of 5 baiza per share, compared to a loss of 70,160 rials, or a loss of 4 baiza per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 8 baiza per share, compared with a loss of 6 baiza per share in the prior year.

Normalized net income was a loss of 160,810 rials, compared with a loss of 122,600 rials in the prior year.

Full-year total revenue increased from the prior-year period to 1.9 million rials from 1.8 million rials, and total operating expenses increased 6.4% on an annual basis to 2.0 million rials from 1.9 million rials.

The company said reported net income came to a loss of 257,290 rials, or a loss of 13 baiza per share, in the full year, compared with a loss of 196,160 rials, or a loss of 10 baiza per share, the prior year.

As of Feb. 15, US$1 was equivalent to 38 Oman baiza.