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Gulf Hotels Group Q1 profit climbs 18.2% YOY

Gulf Hotels Group B.S.C. said its normalized net income for the first quarter came to 2.1 million Bahraini dinars, a rise of 18.2% from 1.8 million dinars in the year-earlier period.

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

The normalized profit margin rose to 22.3% from 20.5% in the year-earlier period.

Total revenue grew 8.9% year over year to 9.3 million dinars from 8.6 million dinars, and total operating expenses rose 25.9% year over year to 7.3 million dinars from 5.8 million dinars.

Reported net income rose 21.0% year over year to 3.3 million dinars, or 15 fils per share, from 2.7 million dinars, or 12 fils per share.

As of May 2, US$1 was equivalent to 380 Bahraini fils.