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Gulf Hotels (Oman) Q2 profit climbs 21.0% YOY

Gulf Hotels (Oman) Company Ltd SAOG said its normalized net income for the second quarter came to 55 Oman baiza per share, a gain of 20.9% from 46 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 190,630 rials, a gain of 21.0% from 157,500 rials in the year-earlier period.

The normalized profit margin increased to 10.9% from 9.0% in the year-earlier period.

Total revenue totaled 1.8 million rials, compared with 1.8 million rials in the prior-year period, and total operating expenses declined from the prior-year period to 1.4 million rials from 1.5 million rials.

As of July 28, US$1 was equivalent to 385 Oman baiza.