Salalah Beach Resort SAOG said its second-quarter normalized net income was 14,400 rials, a fall of 66.7% from 43,180 rials in the year-earlier period.

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

The normalized profit margin dropped to 2.1% from 6.0% in the year-earlier period.

Total revenue fell 6.9% on an annual basis to 670,580 rials from 720,020 rials, and total operating expenses came to 652,400 rials, compared with 657,000 rials in the prior-year period.

Reported net income decreased 68.3% from the prior-year period to 20,430 rials, or 0 baiza per share, from 64,390 rials, or 1 baiza per share.

As of July 27, US$1 was equivalent to 39 Oman baiza.