(MENAFN- Muscat Daily) Musalbh;- Dhofar Fisheries & Food Industries Co has planned to enter into new business activities in a bid to turnaround the weakening financial position of the company. The loss-making company is focusing to diversify into a wider portfolio of products rather than depending solely on tuna canning which is a highly competitive and low margin business.
Dhofar Fisheries' losses further increased in 2016. It reported a net loss of RO797,000 for the year ended December 31, 2016 against a net loss of RO721,000 in the previous year. The company's accumulated losses reached to RO4.88mn as on December 31, 2016.
'The management is focusing to diversify production to other product lines like diary products, juice products and would concentrate on direct fishing,' Dhofar Fisheries said in its yearly report submitted to the Muscat Securities Market.
As the company plans to start the production of dairy and juice products, it has decided to expand the cold storage, can storage and packing area facilities as well.
Dhofar Fisheries has frozen storage capacity of 3,000MT that can accommodate about 2,200MT of fish in three large cold stores. The company said it will be planning for direct fishing in Oman's coastal areas and has received a fishing license from the Ministry of Agriculture and Fisheries.
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