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Salalah Beach Resort Q1 profit falls YOY

Salalah Beach Resort SAOG said its first-quarter normalized net income was 2 Oman baiza per share, a decline of 15.1% from 3 baiza per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 152,390 rials, a decrease of 15.1% from 179,510 rials in the year-earlier period.

The normalized profit margin declined to 15.4% from 16.9% in the year-earlier period.

Total revenue declined 7.2% year over year to 986,810 rials from 1.1 million rials, and total operating expenses declined year over year to 746,340 rials from 783,570 rials.

Reported net income decreased 14.6% on an annual basis to 217,920 rials, or 3 baiza per share, from 255,300 rials, or 4 baiza per share.

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