Mezzan Holding Co. KSCP said its first-quarter normalized net income was 1 Kuwaiti fils per share, a decrease of 5.5% from 1 fils per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.2 million dinars, a decrease of 5.4% from 3.4 million dinars in the year-earlier period.

The normalized profit margin dropped to 5.8% from 6.4% in the year-earlier period.

Total revenue rose 5.3% year over year to 55.7 million dinars from 52.9 million dinars, and total operating expenses rose year over year to 49.7 million dinars from 47.5 million dinars.

Reported net income declined year over year to 5.2 million dinars, or 2 fils per share, from 5.5 million dinars, or 2 fils per share.

As of May 10, US$1 was equivalent to 30 Kuwaiti fils.