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Gulf Hotels Group Q3 profit falls YOY

Gulf Hotels Group B.S.C. said its normalized net income for the third quarter came to 1.8 million Bahraini dinars, a decrease from 1.9 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 19.3% from 19.2% in the year-earlier period.

Total revenue fell 5.3% on an annual basis to 9.2 million dinars from 9.7 million dinars, and total operating expenses totaled 7.6 million dinars, compared with 7.6 million dinars in the prior-year period.

Reported net income decreased on an annual basis to 2.8 million dinars, or 12 fils per share, from 2.9 million dinars, or 13 fils per share.

As of Nov. 9, US$1 was equivalent to 380 Bahraini fils.