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Gulf Hotels (Oman) Q4 profit falls YOY

Gulf Hotels (Oman) Company Ltd SAOG said its fourth-quarter normalized net income amounted to 158 Oman baiza per share, a decrease of 18.0% from 192 baiza per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 540,630 rials, a decline of 17.7% from 656,880 rials in the prior-year period.

The normalized profit margin declined to 20.0% from 22.9% in the year-earlier period.

Total revenue declined 5.5% year over year to 2.7 million rials from 2.9 million rials, and total operating expenses totaled 1.8 million rials, compared with 1.8 million rials in the year-earlier period.

Reported net income decreased 18.2% from the prior-year period to 761,000 rials, or 222 baiza per share, from 930,000 rials, or 272 baiza per share.

For the year, the company's normalized net income totaled 461 baiza per share, a decrease of 14.7% from 540 baiza per share in the prior year.

Normalized net income was 1.6 million rials, a decline of 14.7% from 1.9 million rials in the prior year.

Full-year total revenue decreased on an annual basis to 9.1 million rials from 9.5 million rials, and total operating expenses increased year over year to 6.6 million rials from 6.5 million rials.

The company said reported net income decreased 15.1% year over year to 2.2 million rials, or 646 baiza per share, in the full year, from 2.6 million rials, or 761 baiza per share.

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