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Oman Hotels & Tourism Q3 profit falls YOY

Oman Hotels & Tourism Co. SAOG said its third-quarter normalized net income came to 200,310 Oman rials, a fall of 8.8% from 219,600 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 rose to 28.0% from 17.3% in the year-earlier period.

Total revenue declined 10.1% year over year to 1.1 million rials from 1.3 million rials, and total operating expenses declined 8.2% on an annual basis to 1.2 million rials from 1.3 million rials.

Reported net income rose 5.5% on an annual basis to 344,790 rials, or 5.0 baiza per share, from 326,880 rials, or 4.7 baiza per share.

As of Nov. 9, US$1 was equivalent to 385 Oman baiza.