Kuwait Resorts Co. K.P.S.C. said its second-quarter normalized net income came to 331,320 dinars, a fall of 21.6% from 422,560 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 dropped to 11.9% from 14.4% in the year-earlier period.

Total revenue fell 4.9% year over year to 2.8 million dinars from 2.9 million dinars, and total operating expenses rose from the prior-year period to 2.2 million dinars from 2.2 million dinars.

Reported net income declined 29.5% on an annual basis to 560,240 dinars, or 0 fils per share, from 794,370 dinars, or 0 fils per share.

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