Palms Agro Production Co. KSCP said its normalized net income for the third quarter was 62,020 dinars, a fall of 13.0% from 71,260 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 5.0% from 3.1% in the year-earlier period.

Total revenue fell 46.7% on an annual basis to 1.2 million dinars from 2.3 million dinars, and total operating expenses declined 46.9% on an annual basis to 1.2 million dinars from 2.2 million dinars.

Reported net income declined 11.7% from the prior-year period to 94,030 dinars, or 0 fils per share, from 106,450 dinars, or 0 fils per share.

As of Nov. 21, US$1 was equivalent to 30 Kuwaiti fils.