Mubasher: Oman Hotels and Tourism Company’s (OHTC) audited comprehensive income value was reduced by OMR 7.01 million to OMR 4.69 million for Q1-16 instead of OMR 11.69 million, which were reported on 1 May, according to a bourse filing.

“The changes in the comprehensive income of OMR 7,008 million [are] due to the revaluation reserve relating to the Al Falaj Hotel of OMR 7,008 million has been directly taken to the retain earnings instead of through Profit and Loss account as per the accounting standard,” the company’s added in its statement to the Muscat Securities Market (MSM).

The company’s profits and consolidated comprehensive income surged by 451.50% to OMR 4.69 million in Q1-16, versus OMR 850,000 in Q1-15.

According to the audited statements, asset selling was the main reason for the company’s profits. Oman Hotels’ operating revenues retreated 0.16% to  OMR 390,270 in Q1-16, compared to 390,900 in the same period last year.

The MSM-listed company achieved a net profit of OMR 2.65 million in 2015, up 7.3% from OMR 2.47 million in 2014.