Gulf Hotels (Oman) Company Ltd SAOG said its normalized net income for the first quarter amounted to 701,880 rials, a decrease from 723,750 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 declined to 24.1% from 25.0% in the year-earlier period.

Total revenue totaled 2.9 million rials, compared with 2.9 million rials in the prior-year period, and total operating expenses grew 5.2% on an annual basis to 1.8 million rials from 1.7 million rials.

Reported net income came to 988,000 rials, compared with 1.0 million rials in the year-earlier period.

As of April 29, US$1 was equivalent to 385 Oman baiza.