Gulf Hotels Group B.S.C. said its fourth-quarter normalized net income was 1.5 million Bahraini dinars, a decline of 6.7% from 1.6 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 fell to 15.7% from 15.8% in the year-earlier period.
Total revenue fell 5.9% on an annual basis to 9.7 million dinars from 10.3 million dinars, and total operating expenses decreased 6.8% year over year to 8.2 million dinars from 8.8 million dinars.
Reported net income decreased 10.3% year over year to 2.4 million dinars, or 10 fils per share, from 2.6 million dinars, or 12 fils per share.
For the year, the company's normalized net income totaled 31 fils per share, a gain of 10.0% from 28 fils per share in the prior year.
Normalized net income was 7.0 million dinars, a rise of 10.0% from 6.4 million dinars in the prior year.
Full-year total revenue increased year over year to 37.3 million dinars from 36.4 million dinars, and total operating expenses increased year over year to 30.4 million dinars from 29.0 million dinars.
The company said reported net income decreased 31.6% on an annual basis to 11.0 million dinars, or 49 fils per share, in the full year, from 16.1 million dinars, or 71 fils per share.
As of Feb. 19, US$1 was equivalent to 380 Bahraini fils.