Ubar Hotels & Resorts SAOG said its normalized net income for the second quarter amounted to 111,750 rials, a decline of 22.3% from 143,880 rials in the prior-year period.

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

The normalized profit margin fell to 8.9% from 10.5% in the year-earlier period.

Total revenue declined 6.0% year over year to 1.3 million rials from 1.4 million rials, and total operating expenses fell year over year to 1.0 million rials from 1.0 million rials.

Reported net income fell 21.9% from the prior-year period to 161,050 rials, or 0 baiza per share, from 206,260 rials, or 0 baiza per share.

As of July 23, US$1 was equivalent to 39 Oman baiza.