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Oman Hotels & Tourism posts Q4 profit

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Oman Hotels & Tourism posts Q4 profit

Oman Hotels & Tourism Co. SAOG said its normalized net income for the fourth quarter amounted to 641,020 rials.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

Total revenue came to 2.0 million rials.

Reported net income came to 937,750 rials, or 13 baiza per share.

For the year, the company's normalized net income totaled 21 baiza per share, an increase of 11.0% from 19 baiza per share in the prior year.

Normalized net income was 1.5 million rials, an increase of 10.9% from 1.3 million rials in the prior year.

Full-year total revenue fell 10.5% year over year to 4.2 million rials from 4.7 million rials, and total operating expenses fell 8.7% year over year to 3.4 million rials from 3.7 million rials.

The company said reported net income increased 17.5% year over year to 2.3 million rials, or 33 baiza per share, in the full year, from 2.0 million rials, or 28 baiza per share.

As of Feb. 25, US$1 was equivalent to 385 Oman baiza.