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Al Buraimi Hotel swings to profit in Q4

Al Buraimi Hotel SAOG said its normalized net income for the fourth quarter amounted to 54,830 rials, compared with a loss of 13,310 rials 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 33.6% from negative 13.0% in the year-earlier period.

Total revenue rose 59.2% on an annual basis to 163,290 rials from 102,560 rials, and total operating expenses decreased 34.5% on an annual basis to 72,720 rials from 111,010 rials.

Reported net income totaled 87,720 rials, or 2 baiza per share, compared to a loss of 51,840 rials, or a loss of 1 baiza per share, in the year-earlier period.

For the year, the company's normalized net income totaled 1 baiza per share, compared with a loss of 3 baiza per share in the prior year.

Normalized net income was 50,870 rials, compared with a loss of 109,310 rials in the prior year.

Full-year total revenue rose 71.3% on an annual basis to 680,910 rials from 397,520 rials, and total operating expenses rose 6.0% year over year to 589,140 rials from 556,030 rials.

The company said reported net income came to 81,400 rials, or 2 baiza per share, in the full year, compared with a loss of 205,450 rials, or a loss of 6 baiza per share, the prior year.

As of March 10, US$1 was equivalent to 39 Oman baiza.