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Kuwait Resorts swings to loss in Q4

Kuwait Resorts Co. K.P.S.C. said its fourth-quarter normalized net income was a loss of 141,950 dinars, compared with income of 146,670 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 5.2% from 4.7% in the year-earlier period.

Total revenue decreased 12.4% on an annual basis to 2.7 million dinars from 3.1 million dinars, and total operating expenses decreased year over year to 2.5 million dinars from 2.5 million dinars.

Reported net income decreased 39.8% year over year to 645,740 dinars, or 0 fils per share, from 1.1 million dinars, or 1 fils per share.

For the year, the company's normalized net income totaled 1.4 million dinars, a fall from 1.4 million dinars in the prior year.

Full-year total revenue decreased 5.1% year over year to 11.5 million dinars from 12.1 million dinars, and total operating expenses declined year over year to 8.8 million dinars from 9.0 million dinars.

The company said reported net income increased year over year to 3.2 million dinars, or 2 fils per share, in the full year, from 3.1 million dinars, or 2 fils per share.

As of March 9, US$1 was equivalent to 30 Kuwaiti fils.