Gulf Hotels (Oman) Company Ltd SAOG said its third-quarter normalized net income was 14 Oman baiza per share, a decrease of 11.4% from 16 baiza per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 48,750 rials, a decrease of 11.4% from 55,000 rials in the year-earlier period.

The normalized profit margin fell to 3.5% from 3.9% in the year-earlier period.

Total revenue totaled 1.4 million rials, compared with 1.4 million rials in the year-earlier period, and total operating expenses held steady year over year at 1.3 million rials.

Reported net income declined 5.5% from the prior-year period to 69,000 rials, or 20 baiza per share, from 73,000 rials, or 21 baiza per share.

As of Oct. 26, US$1 was equivalent to 385 Oman baiza.