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Kuwait Resorts Q1 profit climbs 28.2% YOY

Kuwait Resorts Co. K.P.S.C. said its normalized net income for the first quarter came to 632,680 dinars, a rise of 28.2% from 493,390 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 rose to 21.4% from 17.6% in the year-earlier period.

Total revenue climbed 5.4% on an annual basis to 3.0 million dinars from 2.8 million dinars, and total operating expenses totaled 2.1 million dinars, compared with 2.1 million dinars in the prior-year period.

Reported net income increased 28.3% from the prior-year period to 1.0 million dinars, or 1 fils per share, from 783,690 dinars, or 0 fils per share.

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