Banader Hotels Co. B.S.C. said its fourth-quarter normalized net income was a loss of 562,770 Bahraini dinars, compared with a loss of 907,460 dinars 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 76.3% from negative 139.1% in the year-earlier period.
Total revenue increased 13.0% year over year to 737,100 dinars from 652,290 dinars, and total operating expenses declined 29.2% from the prior-year period to 1.3 million dinars from 1.8 million dinars.
Reported net income totaled a loss of 918,010 dinars, or a loss of 4 fils per share, compared to a loss of 1.4 million dinars, or a loss of 6 fils per share, in the prior-year period.
For the year, the company's normalized net income totaled 2.3 million dinars, compared with a loss of 3.2 million dinars in the prior year.
Full-year total revenue rose 57.8% on an annual basis to 3.0 million dinars from 1.9 million dinars, and total operating expenses fell 11.8% on an annual basis to 5.4 million dinars from 6.1 million dinars.
The company said reported net income came to a loss of 3.7 million dinars, or a loss of 16 fils per share, in the full year, compared with a loss of 5.0 million dinars, or a loss of 24 fils per share, the prior year.
As of Feb. 12, US$1 was equivalent to 380 Bahraini fils.