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Hotels Management Co. International Q3 loss narrows YOY

Hotels Management Co. International SAOG said its third-quarter normalized net income came to a loss of 6 Oman baiza per share, compared with a loss of 9 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 a loss of 186,600 rials, compared with a loss of 262,930 rials in the year-earlier period.

The normalized profit margin rose to negative 12.8% from negative 19.6% in the year-earlier period.

Total revenue rose 8.8% on an annual basis to 1.5 million rials from 1.3 million rials, and total operating expenses totaled 1.8 million rials, compared with 1.8 million rials in the prior-year period.

Reported net income came to a loss of 262,730 rials, or a loss of 9 baiza per share, compared to a loss of 370,210 rials, or a loss of 12 baiza per share, in the prior-year period.

As of Oct. 24, US$1 was equivalent to 39 Oman baiza.