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Gulf Hotels (Oman) Q1 profit falls YOY

Gulf Hotels (Oman) Company Ltd SAOG said its normalized net income for the first quarter came to 166 Oman baiza per share, a decline of 18.8% from 205 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 569,380 rials, a decline of 18.9% from 701,880 rials in the year-earlier period.

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

Total revenue fell 8.6% on an annual basis to 2.7 million rials from 2.9 million rials, and total operating expenses declined on an annual basis to 1.8 million rials from 1.8 million rials.

Reported net income declined 18.5% on an annual basis to 805,000 rials, or 235 baiza per share, from 988,000 rials, or 288 baiza per share.

As of April 25, US$1 was equivalent to 385 Oman baiza.