Mezzan Holding Co. KSCP said its normalized net income for the third quarter amounted to 2.0 million dinars, a fall of 14.6% from 2.3 million 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 declined to 4.1% from 4.9% in the year-earlier period.

Total revenue climbed on an annual basis to 47.7 million dinars from 46.3 million dinars, and total operating expenses rose on an annual basis to 44.2 million dinars from 42.5 million dinars.

Reported net income decreased 14.5% on an annual basis to 3.1 million dinars, or 1 fils per share, from 3.7 million dinars, or 1 fils per share.

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