Mubasher: the unaudited financial results showed that Ubar Hotels and Resorts turned to profits in the third quarter of 2016, compared to the losses of the same quarter of 2015.
The company posted OMR 175,720 ($455,230) profits in Q3-16 against OMR 11,370 ($29,460) losses in Q3-15, according to a bourse filing.
Net profits retreated 15.96% to OMR 470,540 in the first nine months of 2016, compared to OMR 559,910 in the year-ago period.
Ubar’s revenues fell 13.7% to OMR 3.4 million in the nine-month period of 2016 from OMR 3.95 million in the same period in 2015.
The profits of the parent company levelled up 20.52% to OMR 221,610 in the first nine months of 2016 from OMR 183,900 in the same period of 2015.
On the other hand, the group’s profits declined 48.39% to OMR 294,820 in the first half of 2016 compared to OMR 571,280 in H1-15.
