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Kuwait Cable Vision Q1 loss widens 60.4% YOY

Kuwait Cable Vision Co. - KPSC said its first-quarter normalized net income was a loss of 43,380 dinars, compared with a loss of 27,040 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 fell to negative 202.4% from negative 39.6% in the year-earlier period.

Total revenue decreased 68.6% year over year to 21,430 dinars from 68,320 dinars, and total operating expenses declined 28.0% from the prior-year period to 90,700 dinars from 126,000 dinars.

Reported net income totaled a loss of 69,770 dinars, or a loss of 0 fils per share, compared to income of 214,010 dinars, or 1 fils per share, in the prior-year period.

As of May 6, US$1 was equivalent to 30 Kuwaiti fils.