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Oman Hotels & Tourism Q3 profit falls YOY

Oman Hotels & Tourism Co. SAOG said its third-quarter normalized net income amounted to 123,250 rials, a decrease of 43.2% from 217,120 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 declined to 17.3% from 28.0% in the year-earlier period.

Total revenue declined 8.2% year over year to 710,750 rials from 774,190 rials, and total operating expenses declined from the prior-year period to 765,280 rials from 779,210 rials.

Reported net income decreased 38.2% from the prior-year period to 215,640 rials, or 3 baiza per share, from 348,830 rials, or 5 baiza per share.

As of Nov. 10, US$1 was equivalent to 385 Oman baiza.