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Ubar Hotels & Resorts Q4 profit falls YOY

Ubar Hotels & Resorts SAOG said its fourth-quarter normalized net income amounted to 235,670 rials, a decline of 12.4% from 269,150 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 declined to 13.8% from 15.0% in the year-earlier period.

Total revenue fell 5.2% on an annual basis to 1.7 million rials from 1.8 million rials, and total operating expenses fell from the prior-year period to 1.2 million rials from 1.3 million rials.

Reported net income increased 16.1% year over year to 335,000 rials, or 1 baiza per share, from 288,510 rials, or 1 baiza per share.

For the year, the company's normalized net income totaled 1 baiza per share, a decline of 28.5% from 2 baiza per share in the prior year.

Normalized net income was 625,470 rials, a decline of 28.5% from 874,400 rials in the prior year.

Full-year total revenue fell 9.4% from the prior-year period to 5.7 million rials from 6.2 million rials, and total operating expenses fell year over year to 4.3 million rials from 4.5 million rials.

The company said reported net income fell 24.8% on an annual basis to 894,910 rials, or 2 baiza per share, in the full year, from 1.2 million rials, or 2 baiza per share.

As of Feb. 23, US$1 was equivalent to 39 Oman baiza.