Livestock Transport & Trading Co. KPSC said its third-quarter normalized net income amounted to 352,870 dinars, a decline of 62.3% from 935,640 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 dropped to 2.5% from 6.9% in the year-earlier period.

Total revenue rose 4.9% on an annual basis to 14.1 million dinars from 13.5 million dinars, and total operating expenses grew 16.4% on an annual basis to 13.9 million dinars from 12.0 million dinars.

Reported net income fell 28.0% year over year to 541,900 dinars, or 0 fils per share, from 752,270 dinars, or 0 fils per share.

As of Nov. 4, US$1 was equivalent to 30 Kuwaiti fils.