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Oman Hotels & Tourism posts Q4 profit

Oman Hotels & Tourism Co. SAOG said its normalized net income for the fourth quarter was 395,860 rials.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin was 32.4%.

Total revenue totaled 1.2 million rials, and total operating expenses came to 977,780 rials.

Reported net income came to 575,650 rials, or 8 baiza per share.

For the year, the company's normalized net income totaled 18 baiza per share, a decrease of 17.0% from 21 baiza per share in the prior year.

Normalized net income was 1.2 million rials, a decline of 17.0% from 1.5 million rials in the prior year.

Full-year total revenue decreased 6.9% on an annual basis to 3.9 million rials from 4.2 million rials, and total operating expenses came to 3.4 million rials, compared with 3.4 million rials in the year-earlier period.

The company said reported net income decreased 18.1% year over year to 1.9 million rials, or 27 baiza per share, in the full year, from 2.3 million rials, or 33 baiza per share.

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