Gulf Hotels Group B.S.C. said its normalized net income for the third quarter was 1.1 million Bahraini dinars, a decline from 1.2 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 dropped to 15.1% from 17.9% in the year-earlier period.
Total revenue increased 12.3% year over year to 7.4 million dinars from 6.6 million dinars, and total operating expenses increased 10.5% year over year to 5.7 million dinars from 5.2 million dinars.
Reported net income declined 6.3% on an annual basis to 1.8 million dinars, or 9 fils per share, from 1.9 million dinars, or 10 fils per share.
As of Oct. 21, US$1 was equivalent to 380 Bahraini fils.