IFA Hotels & Resorts KPSC said its normalized net income for the second quarter amounted to a loss of 1.3 million dinars, compared with a loss of 1.6 million dinars in the prior-year period.

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

The normalized profit margin declined to negative 13.9% from negative 8.5% in the year-earlier period.

Total revenue decreased 48.2% on an annual basis to 9.6 million dinars from 18.5 million dinars, and total operating expenses declined 49.1% year over year to 10.0 million dinars from 19.6 million dinars.

Reported net income came to 2.5 million dinars, or 0 fils per share, compared to a loss of 2.6 million dinars, or a loss of 0 fils per share, in the prior-year period.

As of Aug. 18, US$1 was equivalent to 30 Kuwaiti fils.