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Gulf Hotels (Oman) swings to profit in Q3

Gulf Hotels (Oman) Company Ltd SAOG said its third-quarter normalized net income came to 55,000 rials, compared with a loss of 24,380 rials in the prior-year period.

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

The normalized profit margin increased to 3.9% from negative 2.0% in the year-earlier period.

Total revenue rose 12.5% year over year to 1.4 million rials from 1.2 million rials, and total operating expenses grew on an annual basis to 1.3 million rials from 1.3 million rials.

Reported net income totaled 73,000 rials, or 21 baiza per share, compared to a loss of 42,000 rials, or a loss of 12 baiza per share, in the year-earlier period.

As of Oct. 30, US$1 was equivalent to 385 Oman baiza.