Gulf Hotels Group B.S.C. said its first-quarter normalized net income came to 1.8 million Bahraini dinars, a decrease of 10.8% from 2.0 million dinars in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin dropped to 20.5% from 22.5% in the year-earlier period.
Total revenue decreased on an annual basis to 8.6 million dinars from 8.8 million dinars, and total operating expenses decreased on an annual basis to 5.8 million dinars from 6.1 million dinars.
Reported net income declined 12.1% on an annual basis to 2.7 million dinars, or 14 fils per share, from 3.1 million dinars, or 16 fils per share.
As of April 14, US$1 was equivalent to 380 Bahraini fils.