Sultan Center Food Products Co. - KSCP said its normalized net income for the fourth quarter was 705,030 dinars, a decline of 66.1% from 2.1 million dinars in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to 1.0% from 3.1% in the year-earlier period.

Total revenue increased 5.1% on an annual basis to 71.2 million dinars from 67.8 million dinars, and total operating expenses rose 11.7% on an annual basis to 70.0 million dinars from 62.6 million dinars.

Reported net income came to 22,090 dinars, or 0 fils per share, compared to a loss of 1.2 million dinars, or a loss of 0 fils per share, in the prior-year period.

For the year, the company's normalized net income totaled 1.3 million dinars, compared with a loss of -4.5 million dinars in the prior year.

Full-year total revenue grew 6.5% on an annual basis to 284.4 million dinars from 267.1 million dinars, and total operating expenses rose on an annual basis to 282.5 million dinars from 271.7 million dinars.

The company said reported net income increased 8.3% on an annual basis to 1.0 million dinars, or 0 fils per share, in the full year, from 926,060 dinars, or 0 fils per share.

As of April 13, US$1 was equivalent to 30 Kuwaiti fils.