Dur Hospitality Co. said its normalized net income for the first quarter came to 20 halalas per share, a decline of 28.8% from 29 halalas per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 20.4 million riyals, a decrease of 28.8% from 28.7 million riyals in the prior-year period.

The normalized profit margin fell to 15.1% from 21.5% in the year-earlier period.

Total revenue increased on an annual basis to 134.9 million riyals from 133.0 million riyals, and total operating expenses grew 12.9% on an annual basis to 102.3 million riyals from 90.6 million riyals.

Reported net income declined 29.9% on an annual basis to 31.5 million riyals, or 32 halalas per share, from 45.0 million riyals, or 45 halalas per share.

As of April 26, US$1 was equivalent to 3.75 Saudi Arabian riyals.