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Hotels Management Co. International Q1 profit falls YOY

Hotels Management Co. International SAOG said its first-quarter normalized net income came to 24 Oman baiza per share, a decline of 20.5% from 31 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 731,510 rials, a decrease of 20.5% from 920,090 rials in the year-earlier period.

The normalized profit margin declined to 21.4% from 24.1% in the year-earlier period.

Total revenue decreased 10.6% on an annual basis to 3.4 million rials from 3.8 million rials, and total operating expenses declined year over year to 2.3 million rials from 2.4 million rials.

Reported net income decreased 20.4% year over year to 1.0 million rials, or 34 baiza per share, from 1.3 million rials, or 43 baiza per share.

As of April 19, US$1 was equivalent to 39 Oman baiza.