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Gulf Hotels (Oman) Q2 profit falls YOY

Gulf Hotels (Oman) Company Ltd SAOG said its normalized net income for the second quarter amounted to 46 Oman baiza per share, a decrease of 44.4% from 82 baiza per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 157,500 rials, a decline of 44.1% from 281,880 rials in the year-earlier period.

The normalized profit margin dropped to 9.0% from 13.4% in the year-earlier period.

Total revenue declined 16.8% on an annual basis to 1.8 million rials from 2.1 million rials, and total operating expenses declined 9.7% from the prior-year period to 1.5 million rials from 1.7 million rials.

Reported net income decreased 46.4% on an annual basis to 210,000 rials, or 61 baiza per share, from 392,000 rials, or 115 baiza per share.

As of July 15, US$1 was equivalent to 385 Oman baiza.