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Al Buraimi Hotel swings to profit in Q1

Al Buraimi Hotel SAOG said its first-quarter normalized net income amounted to 20,970 rials, compared with a loss of 24,050 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 rose to 10.5% from negative 24.5% in the year-earlier period.

Total revenue rose on an annual basis to 199,340 rials from 98,230 rials, and total operating expenses grew 22.3% on an annual basis to 167,920 rials from 137,330 rials.

Reported net income totaled 33,540 rials, or 1 baiza per share, compared to a loss of 38,480 rials, or a loss of 1 baiza per share, in the prior-year period.

As of April 13, US$1 was equivalent to 39 Oman baiza.