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Gulf Hotels (Oman) Q4 profit climbs 15.3% YOY

Gulf Hotels (Oman) Company Ltd SAOG said its fourth-quarter normalized net income amounted to 156 Oman baiza per share, an increase of 15.3% from 135 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 533,130 rials, an increase of 15.3% from 462,500 rials in the prior-year period.

The normalized profit margin increased to 20.6% from 19.4% in the year-earlier period.

Total revenue rose 9.0% year over year to 2.6 million rials from 2.4 million rials, and total operating expenses climbed 6.2% year over year to 1.7 million rials from 1.6 million rials.

Reported net income rose 7.7% from the prior-year period to 701,000 rials, or 205 baiza per share, from 651,000 rials, or 190 baiza per share.

For the year, the company's normalized net income totaled 367 baiza per share, an increase from 361 baiza per share in the prior year.

Normalized net income was 1.3 million rials, a gain from 1.2 million rials in the prior year.

Full-year total revenue totaled 8.2 million rials, compared with 8.2 million rials in the prior year, and total operating expenses came to 6.2 million rials, compared with 6.2 million rials in the prior-year period.

The company said reported net income declined 6.8% on an annual basis to 1.6 million rials, or 472 baiza per share, in the full year, from 1.7 million rials, or 506 baiza per share.

As of Feb. 23, US$1 was equivalent to 385 Oman baiza.