OSOS Holding Group Co. K.P.S.C. said its first-quarter normalized net income came to a loss of 4.8 million dinars, compared with a loss of 46,210 dinars in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
Total revenue fell 43.9% on an annual basis to 1.5 million dinars from 2.7 million dinars, and total operating expenses declined 25.4% year over year to 2.0 million dinars from 2.7 million dinars.
Reported net income totaled 4.6 million dinars, or 2 fils per share, compared to a loss of 58,610 dinars, or a loss of 0 fils per share, in the prior-year period.
As of May 19, US$1 was equivalent to 30 Kuwaiti fils.