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Banader Hotels Q3 loss narrows YOY

Banader Hotels Co. B.S.C. said its normalized net income for the third quarter was a loss of 572,130 Bahraini dinars, compared with a loss of 710,970 dinars in the prior-year period.

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

The normalized profit margin increased to negative 81.9% from negative 108.1% in the year-earlier period.

Total revenue climbed 6.3% year over year to 698,870 dinars from 657,500 dinars, and total operating expenses decreased 14.6% on an annual basis to 1.3 million dinars from 1.5 million dinars.

Reported net income came to a loss of 918,010 dinars, or a loss of 4 fils per share, compared to a loss of 1.1 million dinars, or a loss of 5 fils per share, in the prior-year period.

As of Oct. 31, US$1 was equivalent to 380 Bahraini fils.