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Ubar Hotels & Resorts Q1 profit falls YOY

Ubar Hotels & Resorts SAOG said its normalized net income for the first quarter amounted to 286,130 rials, a decrease of 30.3% from 410,770 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 fell to 17.5% from 21.6% in the year-earlier period.

Total revenue declined 15.0% on an annual basis to 1.6 million rials from 1.9 million rials, and total operating expenses declined 6.0% on an annual basis to 1.1 million rials from 1.1 million rials.

Reported net income decreased 34.3% on an annual basis to 410,240 rials, or 1 baiza per share, from 624,190 rials, or 1 baiza per share.

As of April 28, US$1 was equivalent to 39 Oman baiza.