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Oman Fisheries posts net loss

 Staff Reporter

MUSCAT

Oman Fisheries recorded a net loss of 175,493 rials during the first quarter ended June 30. In a filing on the Muscat Securities Market, it said this was a 333 per cent fall from a net profit of 75,344 rials last year.

The company attributed the loss to pre-closure of its factories during the period to undertake major revamping of the capacity and efficiency for the first time in its history on the basis of evaluation and cooperation with specialised international consultants in preparation for the next season.

The company also emphasied that the results of the quarter of were reasonable compared to the same period in the preceding years.

Its capital assets had not been affected by the results and the company confirms that through its plan of action during the coming season it will achieve the desired results and targeted profits, the filing added.