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Oman Hotels & Tourism Q1 profit climbs 7.8% YOY

Oman Hotels & Tourism Co. SAOG said its normalized net income for the first quarter amounted to 563,330 rials, an increase of 7.8% from 522,730 rials in the prior-year period.

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

The normalized profit margin rose to 28.0% from 24.3% in the year-earlier period.

Total revenue decreased 6.3% on an annual basis to 2.0 million rials from 2.1 million rials, and total operating expenses decreased from the prior-year period to 1.5 million rials from 1.5 million rials.

Reported net income grew 7.8% on an annual basis to 849,520 rials, or 12 baiza per share, from 788,260 rials, or 11 baiza per share.

As of May 12, US$1 was equivalent to 385 Oman baiza.