IFA Hotels & Resorts KPSC said its normalized net income for the first quarter was a loss of 1.3 million dinars, compared with a loss of 513,760 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 fell to negative 10.7% from negative 3.5% in the year-earlier period.

Total revenue declined 19.3% year over year to 11.8 million dinars from 14.7 million dinars, and total operating expenses fell 16.4% on an annual basis to 11.4 million dinars from 13.6 million dinars.

Reported net income totaled a loss of 2.0 million dinars, or a loss of 0 fils per share, compared to a loss of 938,420 dinars, or a loss of 0 fils per share, in the year-earlier period.

As of May 20, US$1 was equivalent to 30 Kuwaiti fils.