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OSOS Holding swings to profit in Q4

OSOS Holding Group Co. KPSC said its fourth-quarter normalized net income came to 363,780 dinars, compared with a loss of 1.1 million dinars in the prior-year period.

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

Total revenue decreased 62.3% on an annual basis to 5.8 million dinars from 15.4 million dinars, and total operating expenses decreased 69.0% from the prior-year period to 5.4 million dinars from 17.3 million dinars.

Reported net income came to 477,110 dinars, or 0 fils per share, compared to a loss of 2.1 million dinars, or a loss of 1 fils per share, in the prior-year period.

For the year, the company's normalized net income totaled 1.5 million dinars, an increase from 391,880 dinars in the prior year.

Full-year total revenue declined 22.6% from the prior-year period to 24.1 million dinars from 31.1 million dinars, and total operating expenses declined 29.0% on an annual basis to 21.9 million dinars from 30.8 million dinars.

The company said reported net income increased year over year to 2.3 million dinars, or 1 fils per share, in the full year, from 145,810 dinars, or 0 fils per share.

As of March 2, US$1 was equivalent to 30 Kuwaiti fils.