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Gulf Hotels Group Q2 profit climbs 46.2% YOY

Gulf Hotels Group B.S.C. said its normalized net income for the second quarter was 1.6 million Bahraini dinars, a rise of 46.2% from 1.1 million dinars in the year-earlier period.

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

The normalized profit margin climbed to 17.9% from 14.2% in the year-earlier period.

Total revenue increased 15.9% on an annual basis to 9.0 million dinars from 7.8 million dinars, and total operating expenses rose 7.7% on an annual basis to 7.2 million dinars from 6.7 million dinars.

Reported net income fell 67.5% year over year to 2.6 million dinars, or 11 fils per share, from 7.9 million dinars, or 35 fils per share.

As of July 20, US$1 was equivalent to 380 Bahraini fils.