Kuwait Resorts Co. K.P.S.C. said its first-quarter normalized net income amounted to 433,370 dinars, a fall of 31.5% from 632,680 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 10.1% from 21.4% in the year-earlier period.

Total revenue decreased 10.4% year over year to 2.7 million dinars from 3.0 million dinars, and total operating expenses declined year over year to 2.1 million dinars from 2.1 million dinars.

Reported net income decreased 31.5% from the prior-year period to 688,510 dinars, or 0 fils per share, from 1.0 million dinars, or 1 fils per share.

As of May 13, US$1 was equivalent to 30 Kuwaiti fils.