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Kuwait Resorts Q3 profit climbs 35.5% YOY

Kuwait Resorts Co. K.P.S.C. said its normalized net income for the third quarter amounted to 437,710 dinars, a gain of 35.5% from 322,920 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 increased to 15.2% from 11.6% in the year-earlier period.

Total revenue rose on an annual basis to 2.9 million dinars from 2.8 million dinars, and total operating expenses decreased on an annual basis to 2.0 million dinars from 2.1 million dinars.

Reported net income increased 59.0% year over year to 724,560 dinars, or 0 fils per share, from 455,590 dinars, or 0 fils per share.

As of Nov. 17, US$1 was equivalent to 30 Kuwaiti fils.