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Humansoft Holding Q3 profit falls YOY

Humansoft Holding Co. KSCP said its third-quarter normalized net income was 2 Kuwaiti fils per share, a decrease of 15.2% from 2 fils per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.0 million dinars, a decline of 15.2% from 2.4 million dinars in the year-earlier period.

The normalized profit margin dropped to 19.8% from 25.4% in the year-earlier period.

Total revenue grew 9.0% year over year to 10.2 million dinars from 9.3 million dinars, and total operating expenses increased 23.5% on an annual basis to 6.8 million dinars from 5.5 million dinars.

Reported net income rose 44.6% year over year to 3.2 million dinars, or 3 fils per share, from 2.2 million dinars, or 2 fils per share.

As of Nov. 19, US$1 was equivalent to 30 Kuwaiti fils.