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Gulf Hotels Group Q3 profit climbs 64.7% YOY

Gulf Hotels Group B.S.C. said its normalized net income for the third quarter was 1.9 million Bahraini dinars, a rise of 64.7% from 1.1 million dinars in the prior-year period.

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

The normalized profit margin rose to 19.2% from 15.1% in the year-earlier period.

Total revenue climbed 30.0% on an annual basis to 9.7 million dinars from 7.4 million dinars, and total operating expenses rose 33.2% year over year to 7.6 million dinars from 5.7 million dinars.

Reported net income rose 62.8% from the prior-year period to 2.9 million dinars, or 13 fils per share, from 1.8 million dinars, or 9 fils per share.

As of Oct. 27, US$1 was equivalent to 380 Bahraini fils.