Dhofar Tourism Co. SAOG said its normalized net income for the fourth quarter was a loss of 161,320 rials, compared with a loss of 211,980 rials in the prior-year period.

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

The normalized profit margin increased to negative 28.8% from negative 31.4% in the year-earlier period.

Total revenue declined 17.1% year over year to 559,280 rials from 674,930 rials, and total operating expenses fell 13.4% on an annual basis to 875,060 rials from 1.0 million rials.

Reported net income came to a loss of 258,110 rials, or a loss of 1 baiza per share, compared to a loss of 339,170 rials, or a loss of 1 baiza per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 3 baiza per share, compared with a loss of 4 baiza per share in the prior year.

Normalized net income was a loss of 728,790 rials, compared with a loss of 1.1 million rials in the prior year.

Full-year total revenue increased from the prior-year period to 1.9 million rials from 1.9 million rials, and total operating expenses fell 12.6% on an annual basis to 3.1 million rials from 3.6 million rials.

The company said reported net income totaled a loss of 1.2 million rials, or a loss of 4 baiza per share, in the full year, compared with a loss of 1.7 million rials, or a loss of 6 baiza per share, the prior year.

As of March 3, US$1 was equivalent to 39 Oman baiza.