Kuwait Food Co. (Al Americana) KSCP said its fourth-quarter normalized net income amounted to 2 Kuwaiti fils per share, compared with the S&P Capital IQ consensus estimate of 5 fils per share.

EPS decreased 13.4% year over year from 3 fils.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 9.2 million dinars, a decrease of 13.5% from 10.6 million dinars in the year-earlier period.

The normalized profit margin declined to 4.4% from 4.5% in the year-earlier period.

Total revenue came to 233.8 million dinars, compared with 235.3 million dinars in the prior-year period, and total operating expenses came to 215.4 million dinars, compared with 214.5 million dinars in the year-earlier period.

Reported net income fell 14.8% on an annual basis to 8.7 million dinars, or 2 fils per share, from 10.2 million dinars, or 3 fils per share.

For the year, the company's normalized net income totaled 10 fils per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 14 fils.

EPS declined 9.5% from 11 fils in the prior year.

Normalized net income was 39.2 million dinars, a decline of 9.5% from 43.3 million dinars in the prior year.

Full-year total revenue increased from the prior-year period to 968.3 million dinars from 922.4 million dinars, and total operating expenses increased 6.4% year over year to 892.8 million dinars from 838.7 million dinars.

The company said reported net income fell 15.6% year over year to 43.9 million dinars, or 11 fils per share, in the full year, from 52.0 million dinars, or 13 fils per share.

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