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Hotels Management Co. International Q2 profit falls YOY

Hotels Management Co. International SAOG said its normalized net income for the second quarter was 8 Oman baiza per share, a decrease of 37.2% from 12 baiza per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 229,560 rials, a decline of 37.2% from 365,620 rials in the year-earlier period.

The normalized profit margin dropped to 9.5% from 13.3% in the year-earlier period.

Total revenue declined 12.0% year over year to 2.4 million rials from 2.7 million rials, and total operating expenses decreased 4.9% year over year to 2.1 million rials from 2.2 million rials.

Reported net income declined 37.2% from the prior-year period to 323,220 rials, or 11 baiza per share, from 514,790 rials, or 17 baiza per share.

As of July 22, US$1 was equivalent to 39 Oman baiza.