Oman Hotels & Tourism Co. SAOG said its normalized net income for the second quarter was 23,520 Oman rials, a fall of 91.2% from 268,580 rials in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to 3.5% from 36.3% in the year-earlier period.

Total revenue declined 10.2% on an annual basis to 664,900 rials from 740,150 rials, and total operating expenses decreased 5.2% from the prior-year period to 737,610 rials from 777,830 rials.

Reported net income fell 85.5% on an annual basis to 59,460 rials, or 1 baiza per share, from 411,010 rials, or 6 baiza per share.

As of Aug. 11, US$1 was equivalent to 385 Oman baiza.