OSOS Holding Group Co. KPSC said its first-quarter normalized net income came to a loss of 4.8 million dinars, compared with a loss of 46,210 dinars in the prior-year period.

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

Total revenue fell 46.4% on an annual basis to 1.4 million dinars from 2.5 million dinars, and total operating expenses decreased 25.4% year over year to 2.0 million dinars from 2.7 million dinars.

Reported net income totaled 4.6 million dinars, or 2 fils per share, compared to a loss of 58,610 dinars, or a loss of 0 fils per share, in the year-earlier period.

As of May 19, US$1 was equivalent to 30 Kuwaiti fils.