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Gulf Hotels Group Q2 profit falls YOY

Gulf Hotels Group B.S.C. said its normalized net income for the second quarter amounted to 1.8 million Bahraini dinars, a decline of 18.0% from 2.2 million dinars in the year-earlier period.

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

The normalized profit margin declined to 21.8% from 24.7% in the year-earlier period.

Total revenue fell 6.9% on an annual basis to 8.3 million dinars from 8.9 million dinars, and total operating expenses came to 5.8 million dinars, compared with 5.8 million dinars in the prior-year period.

Reported net income decreased 20.4% on an annual basis to 2.9 million dinars, or 15 fils per share, from 3.6 million dinars, or 19 fils per share.

As of July 16, US$1 was equivalent to 380 Bahraini fils.