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Gulf Hotels (Oman) Q4 profit falls YOY

Gulf Hotels (Oman) Company Ltd SAOG said its fourth-quarter normalized net income came to 135 Oman baiza per share, a decline of 14.2% from 158 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 462,500 rials, a decrease of 14.5% from 540,630 rials in the prior-year period.

The normalized profit margin fell to 19.4% from 20.0% in the year-earlier period.

Total revenue fell 12.1% on an annual basis to 2.4 million rials from 2.7 million rials, and total operating expenses declined 9.0% on an annual basis to 1.6 million rials from 1.8 million rials.

Reported net income decreased 14.5% from the prior-year period to 651,000 rials, or 190 baiza per share, from 761,000 rials, or 222 baiza per share.

For the year, the company's normalized net income totaled 361 baiza per share, a fall of 21.6% from 461 baiza per share in the prior year.

Normalized net income was 1.2 million rials, a decrease of 21.6% from 1.6 million rials in the prior year.

Full-year total revenue decreased 10.3% year over year to 8.2 million rials from 9.1 million rials, and total operating expenses decreased 6.0% year over year to 6.2 million rials from 6.6 million rials.

The company said reported net income decreased 21.6% on an annual basis to 1.7 million rials, or 506 baiza per share, in the full year, from 2.2 million rials, or 646 baiza per share.

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