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Kuwait Hotels Q3 loss narrows YOY

Kuwait Hotels Co. KSCP said its normalized net income for the third quarter amounted to a loss of 24,630 dinars, compared with a loss of 45,530 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 climbed to negative 1.4% from negative 2.2% in the year-earlier period.

Total revenue fell 12.8% year over year to 1.8 million dinars from 2.0 million dinars, and total operating expenses declined 13.8% year over year to 1.9 million dinars from 2.1 million dinars.

Reported net income totaled a loss of 41,250 dinars, or a loss of 0 fils per share, compared to a loss of 133,070 dinars, or a loss of 0 fils per share, in the prior-year period.

As of Nov. 23, US$1 was equivalent to 31 Kuwaiti fils.