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Gulf Hotels Group Q3 profit falls YOY

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.