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Gulf Hotels Group Q4 profit falls YOY

Gulf Hotels Group B.S.C. said its fourth-quarter normalized net income was 867,920 Bahraini dinars, a decline of 23.6% from 1.1 million dinars in the year-earlier period.

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

The normalized profit margin dropped to 11.1% from 12.9% in the year-earlier period.

Total revenue decreased 10.9% on an annual basis to 7.8 million dinars from 8.8 million dinars, and total operating expenses declined 12.4% year over year to 6.2 million dinars from 7.1 million dinars.

Reported net income decreased 22.2% from the prior-year period to 1.4 million dinars, or 7 fils per share, from 1.8 million dinars, or 9 fils per share.

For the year, the company's normalized net income totaled 30 fils per share, a decrease of 16.0% from 36 fils per share in the prior year.

Normalized net income was 5.8 million dinars, a fall of 16.0% from 6.9 million dinars in the prior year.

Full-year total revenue fell from the prior-year period to 32.4 million dinars from 33.3 million dinars, and total operating expenses totaled 23.9 million dinars, compared with 23.8 million dinars in the prior-year period.

The company said reported net income decreased 18.4% year over year to 9.2 million dinars, or 48 fils per share, in the full year, from 11.3 million dinars, or 59 fils per share.

As of Feb. 18, US$1 was equivalent to 385 Bahraini fils.