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Hotels Management Co. International Q4 profit falls YOY

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Hotels Management Co. International Q4 profit falls YOY

Hotels Management Co. International SAOG said its normalized net income for the fourth quarter amounted to 22 Oman baiza per share, a decrease of 9.4% from 24 baiza per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 649,130 rials, a decrease of 9.4% from 716,360 rials in the prior-year period.

The normalized profit margin dropped to 17.6% from 18.4% in the year-earlier period.

Total revenue fell 5.2% year over year to 3.7 million rials from 3.9 million rials, and total operating expenses decreased year over year to 2.7 million rials from 2.7 million rials.

Reported net income decreased 8.7% from the prior-year period to 913,480 rials, or 30 baiza per share, from 1.0 million rials, or 33 baiza per share.

For the year, the company's normalized net income totaled 51 baiza per share, a fall of 18.3% from 63 baiza per share in the prior year.

Normalized net income was 1.5 million rials, a decline of 18.3% from 1.9 million rials in the prior year.

Full-year total revenue fell 7.7% year over year to 11.3 million rials from 12.2 million rials, and total operating expenses declined year over year to 8.8 million rials from 9.2 million rials.

The company said reported net income fell 18.0% on an annual basis to 2.2 million rials, or 72 baiza per share, in the full year, from 2.6 million rials, or 88 baiza per share.

As of Feb. 8, US$1 was equivalent to 39 Oman baiza.