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Kuwait Resorts Q3 profit falls YOY

Kuwait Resorts Co. K.P.S.C. said its normalized net income for the third quarter came to 417,300 dinars, a decrease from 437,710 dinars in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to 14.0% from 15.2% in the year-earlier period.

Total revenue rose year over year to 3.0 million dinars from 2.9 million dinars, and total operating expenses grew 7.6% from the prior-year period to 2.2 million dinars from 2.0 million dinars.

Reported net income fell 8.9% year over year to 660,330 dinars, or 0 fils per share, from 724,560 dinars, or 0 fils per share.

As of Nov. 23, US$1 was equivalent to 31 Kuwaiti fils.