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Gulf Hotels (Oman) Q2 profit falls YOY

Gulf Hotels (Oman) Company Ltd SAOG said its normalized net income for the second quarter was 82 Oman baiza per share, a decrease of 43.2% from 145 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 281,880 rials, a decline of 43.2% from 496,250 rials in the year-earlier period.

The normalized profit margin declined to 13.4% from 20.2% in the year-earlier period.

Total revenue fell 14.2% on an annual basis to 2.1 million rials from 2.5 million rials, and total operating expenses came to 1.7 million rials, compared with 1.7 million rials in the prior-year period.

Reported net income fell 44.4% on an annual basis to 392,000 rials, or 114 baiza per share, from 705,000 rials, or 206 baiza per share.

As of July 30, US$1 was equivalent to 385 Oman baiza.