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Gulf Hotels (Oman) Q1 profit falls YOY

Gulf Hotels (Oman) Company Ltd SAOG said its first-quarter normalized net income came to 141 Oman baiza per share, a decline of 15.3% from 166 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 481,250 rials, a decline of 15.5% from 569,380 rials in the year-earlier period.

The normalized profit margin dropped to 20.0% from 21.4% in the year-earlier period.

Total revenue decreased 9.5% on an annual basis to 2.4 million rials from 2.7 million rials, and total operating expenses declined 6.4% from the prior-year period to 1.6 million rials from 1.8 million rials.

Reported net income declined 27.0% from the prior-year period to 588,000 rials, or 172 baiza per share, from 805,000 rials, or 235 baiza per share.

As of April 28, US$1 was equivalent to 385 Oman baiza.