Palms Agro Production Co. KSCP said its first-quarter normalized net income amounted to 70,250 dinars, a decrease of 18.5% from 86,150 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 dropped to 2.7% from 4.8% in the year-earlier period.

Total revenue increased 45.4% on an annual basis to 2.6 million dinars from 1.8 million dinars, and total operating expenses rose 48.0% on an annual basis to 2.5 million dinars from 1.7 million dinars.

Reported net income decreased 18.1% on an annual basis to 111,420 dinars, or 0 fils per share, from 136,070 dinars, or 0 fils per share.

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