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Oman Hotels & Tourism Q2 profit falls YOY

Oman Hotels & Tourism Co. SAOG said its second-quarter normalized net income came to 330,960 Oman rials, a fall of 7.5% from 357,680 rials in the prior-year period.

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

Total revenue fell 23.0% on an annual basis to 1.4 million rials from 1.8 million rials, and total operating expenses fell 13.6% from the prior-year period to 1.3 million rials from 1.5 million rials.

Reported net income grew 6.8% from the prior-year period to 520,940 rials, or 7.5 baiza per share, from 487,660 rials, or 7.0 baiza per share.

As of July 24, US$1 was equivalent to 385 Oman baiza.