Mubasher: The unaudited financial results of Oman Hotels and Tourism revealed that its net profits surged 657% in the third quarter of 2016, according to a bourse filing.                    

The company posted OMR 4.21 million ($10.89 million) profits in Q3, compared with OMR 556,000 ($1.44 million) profits for Q3-15.

Oman Hotels achieved a 214.51%% growth in net profits after deducting taxes to record OMR 5.31 million in the first nine months of 2016, compared to OMR 1.69 million in the same period of 2015.

The rise in profits was supported by the sale of Al Falaj Hotel at a value of OMR 3.91 million in Q3, the statement said.

The company’s profits increased 2.5% to OMR 1.11 million in the first half of the year compared to OMR 1.13 million in the year-ago period.