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Oman Hotels & Tourism swings to loss in Q3

Oman Hotels & Tourism Co. SAOG said its third-quarter normalized net income amounted to a loss of 54,230 Oman rials, compared with income of 123,230 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 fell to negative 9.4% from 17.3% in the year-earlier period.

Total revenue declined 19.2% year over year to 574,010 rials from 710,750 rials, and total operating expenses decreased from the prior-year period to 728,580 rials from 765,280 rials.

Reported net income came to a loss of 59,290 rials, or a loss of 1 baiza per share, compared to income of 215,620 rials, or 3 baiza per share, in the prior-year period.

As of Nov. 6, US$1 was equivalent to 385 Oman baiza.