Mubasher: Preliminary unaudited financial results have shown a 48% decline in Gulf Hotels Oman Company’s profits in Q2-16.

The company made a profit of approximately OMR 204,000 ($524,500), compared to OMR 392,290 ($1.003 million) in the second quarter of 2015.

During the first half of this year, Gulf Hotels Oman recorded a 26.5% decline in profits to OMR 1.01 million ($2.62 million) compared to OMR 1.38 million ($3.58 million) in the same period last year.