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Oman Hotels & Tourism Q1 profit falls YOY

Oman Hotels & Tourism Co. SAOG said its first-quarter normalized net income came to 267,390 rials, a decrease of 40.6% from 449,870 rials 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 25.1% from 35.8% in the year-earlier period.

Total revenue fell 15.3% year over year to 1.1 million rials from 1.3 million rials, and total operating expenses decreased on an annual basis to 856,290 rials from 865,690 rials.

Reported net income decreased 43.5% from the prior-year period to 392,480 rials, or 6 baiza per share, from 694,100 rials, or 10 baiza per share.

As of May 10, US$1 was equivalent to 385 Oman baiza.