Al Batnah Hotels Co. SAOG said its normalized net income for the fourth quarter was a loss of 19,680 rials, compared with income of 60,710 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 fell to negative 4.7% from 17.8% in the year-earlier period.

Total revenue grew 21.8% year over year to 415,110 rials from 340,850 rials, and total operating expenses climbed 77.2% from the prior-year period to 469,480 rials from 264,950 rials.

Reported net income totaled a loss of 61,170 rials, or a loss of 2 baiza per share, compared to income of 120,070 rials, or 3 baiza per share, in the year-earlier period.

For the year, the company's normalized net income totaled 1 baiza per share, a fall of 16.1% from 1 baiza per share in the prior year.

Normalized net income was 38,650 rials, a decrease of 16.1% from 46,090 rials in the prior year.

Full-year total revenue rose 40.9% on an annual basis to 1.5 million rials from 1.1 million rials, and total operating expenses rose 43.6% on an annual basis to 1.5 million rials from 1.0 million rials.

The company said reported net income declined 73.4% year over year to 25,690 rials, or 1 baiza per share, in the full year, from 96,670 rials, or 3 baiza per share.

As of Feb. 25, US$1 was equivalent to 39 Oman baiza.