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Gulf Hotels Group Q2 profit falls YOY

Gulf Hotels Group B.S.C. said its normalized net income for the second quarter amounted to 1.1 million Bahraini dinars, a decline of 38.9% from 1.8 million dinars in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to 14.2% from 21.8% in the year-earlier period.

Total revenue declined 6.2% on an annual basis to 7.8 million dinars from 8.3 million dinars, and total operating expenses grew 15.8% year over year to 6.7 million dinars from 5.8 million dinars.

Reported net income grew on an annual basis to 6.7 million dinars, or 33 fils per share, from 2.9 million dinars, or 15 fils per share.

As of Aug. 5, US$1 was equivalent to 380 Bahraini fils.