Hotels Management Co. International SAOG said its normalized net income for the second quarter amounted to 1 Oman baiza per share, a decline of 86.7% from 8 baiza per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 30,440 rials, a decline of 86.7% from 229,560 rials in the prior-year period.

The normalized profit margin dropped to 1.5% from 9.5% in the year-earlier period.

Total revenue fell 15.2% on an annual basis to 2.0 million rials from 2.4 million rials, and total operating expenses decreased on an annual basis to 2.0 million rials from 2.1 million rials.

Reported net income declined 86.7% from the prior-year period to 42,860 rials, or 1 baiza per share, from 323,220 rials, or 11 baiza per share.

As of July 21, US$1 was equivalent to 39 Oman baiza.