Kuwait Hotels Co. KSCP said its normalized net income for the fourth quarter came to a loss of 79,540 dinars, compared with a loss of 3,630 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 negative 3.8% from negative 0.2% in the year-earlier period.

Total revenue fell 5.9% on an annual basis to 2.1 million dinars from 2.2 million dinars, and total operating expenses totaled 2.3 million dinars, compared with 2.3 million dinars in the year-earlier period.

Reported net income totaled 357,790 dinars, or 1 fils per share, compared to a loss of 108,030 dinars, or a loss of 0 fils per share, in the year-earlier period.

For the year, the company's normalized net income totaled 97,740 dinars, compared with income of 78,430 dinars in the prior year.

Full-year total revenue fell 9.6% from the prior-year period to 8.8 million dinars from 9.7 million dinars, and total operating expenses fell 6.3% on an annual basis to 9.1 million dinars from 9.7 million dinars.

The company said reported net income increased year over year to 267,340 dinars, or 0 fils per share, in the full year, from 23,040 dinars, or 0 fils per share.

As of March 3, US$1 was equivalent to 30 Kuwaiti fils.