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Hotels Management Co. International Q1 profit falls YOY

Hotels Management Co. International SAOG said its normalized net income for the first quarter amounted to 31 Oman baiza per share, a decrease of 5.1% from 32 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 920,090 rials, a decrease of 5.1% from 969,320 rials in the prior-year period.

The normalized profit margin increased to 24.1% from 24.1% in the year-earlier period.

Total revenue decreased 5.1% on an annual basis to 3.8 million rials from 4.0 million rials, and total operating expenses declined 5.0% on an annual basis to 2.4 million rials from 2.5 million rials.

Reported net income decreased 5.1% year over year to 1.3 million rials, or 43 baiza per share, from 1.4 million rials, or 46 baiza per share.

As of April 22, US$1 was equivalent to 38 Oman baiza.