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Gulf Hotels (Oman) Q3 profit climbs 10.3% YOY

Gulf Hotels (Oman) Company Ltd SAOG said its normalized net income for the third quarter amounted to 16 Oman baiza per share, a gain of 10.1% from 14 baiza per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 53,750 rials, a gain of 10.3% from 48,750 rials in the prior-year period.

The normalized profit margin increased to 3.8% from 3.5% in the year-earlier period.

Total revenue increased on an annual basis to 1.4 million rials from 1.4 million rials, and total operating expenses increased on an annual basis to 1.3 million rials from 1.3 million rials.

Reported net income rose 5.8% from the prior-year period to 73,000 rials, or 21 baiza per share, from 69,000 rials, or 20 baiza per share.

As of Oct. 30, US$1 was equivalent to 385 Oman baiza.