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Sweets of Oman Q2 profit falls YOY

Sweets of Oman SAOG said its second-quarter normalized net income amounted to 140,790 rials, a decrease from 143,240 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 fell to 3.9% from 4.4% in the year-earlier period.

Total revenue grew 11.2% on an annual basis to 3.7 million rials from 3.3 million rials, and total operating expenses grew 12.3% on an annual basis to 3.4 million rials from 3.1 million rials.

Reported net income totaled 198,240 rials, compared with 201,680 rials in the year-earlier period.

As of July 18, US$1 was equivalent to 39 Oman baiza.