Gulf Hotels Group B.S.C. said its normalized net income for the fourth quarter amounted to 1.6 million Bahraini dinars, a gain of 88.0% from 867,920 dinars in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin climbed to 15.8% from 11.1% in the year-earlier period.
Total revenue increased 32.0% year over year to 10.3 million dinars from 7.8 million dinars, and total operating expenses climbed 41.7% from the prior-year period to 8.8 million dinars from 6.2 million dinars.
Reported net income increased on an annual basis to 3.8 million dinars, or 17 fils per share, from 1.4 million dinars, or 7 fils per share.
For the year, the company's normalized net income totaled 30.1 fils per share, compared with 30.3 fils per share in the prior year.
Normalized net income was 6.4 million dinars, an increase of 9.9% from 5.8 million dinars in the prior year.
Full-year total revenue grew 12.4% from the prior-year period to 36.4 million dinars from 32.4 million dinars, and total operating expenses increased 21.4% year over year to 29.0 million dinars from 23.9 million dinars.
The company said reported net income rose 75.4% on an annual basis to 16.1 million dinars, or 76 fils per share, in the full year, from 9.2 million dinars, or 48 fils per share.
As of March 31, US$1 was equivalent to 380 Bahraini fils.