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Gulf Hotels Group Q1 profit falls YOY

Gulf Hotels Group B.S.C. said its first-quarter normalized net income was 10 Bahraini fils per share, a decrease of 15.9% from 12 fils per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.0 million dinars, a decrease of 15.9% from 2.4 million dinars in the year-earlier period.

The normalized profit margin declined to 22.5% from 26.2% in the year-earlier period.

Total revenue decreased on an annual basis to 8.8 million dinars from 9.0 million dinars, and total operating expenses increased 7.6% from the prior-year period to 6.1 million dinars from 5.7 million dinars.

Reported net income fell 20.8% from the prior-year period to 3.1 million dinars, or 16 fils per share, from 3.9 million dinars, or 21 fils per share.

As of April 16, US$1 was equivalent to 380 Bahraini fils.