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Oman Hotels & Tourism Q1 profit falls YOY

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Oman Hotels & Tourism Q1 profit falls YOY

Oman Hotels & Tourism Co. SAOG said its normalized net income for the first quarter was 506,520 Oman rials, a decline of 10.1% from 563,330 rials in the prior-year period.

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

The normalized profit margin climbed to 35.8% from 28.0% in the year-earlier period.

Total revenue declined 18.4% on an annual basis to 1.6 million rials from 2.0 million rials, and total operating expenses fell 18.2% from the prior-year period to 1.2 million rials from 1.5 million rials.

Reported net income increased on an annual basis to 11.7 million rials, or 167 baiza per share, from 849,520 rials, or 12 baiza per share.

As of April 29, US$1 was equivalent to 385 Oman baiza.