Oman hotel profits rise 29% in H1

Hotel profits in Oman increased 29% in the first half of 2011 compared to H1 in 2010, jumping from OR 450,000 last year to OR 581,000 this year.
The management of Oman Hotels and Tourism attributed the increase to higher investment income and lower taxes, according to the company’s financials report.
Revenue at the company, which runs Al Falaj Hotel, Ruwi Hotel, Desert Nights Camp, Sur Plaza Hotel and the Al Wadi Hotel in Sohar, also grew from OR 2.92 million for the first half of 2010 to OR 3.08 million in 2011, reported Oman News.
Chairman Maqbool al Saleh said in a statement to shareholders that a strong performance from its associate company, United Finance Co, was a key contributor to the rise in profits. 
“Net profit for the period under review at OR 581,000 was higher by OR 131,000 over the corresponding period of 2010, on the back of higher investment income, lower interest cost and lower tax.“
United Finance’s profit grew fromOR 133,436 in the first half of 2010 to OR 251,993 for the same period in 2011.
Saleh said that the OR 159,000 rise in first-half revenues for Oman Hotels was affected by rising staff costs, with higher occupancy levels also offset by lower room rates.