Palms Agro Production Co. KSCP said its second-quarter normalized net income was 119,910 dinars, a decline of 55.6% from 270,370 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 7.3% from 10.4% in the year-earlier period.

Total revenue decreased 36.9% on an annual basis to 1.6 million dinars from 2.6 million dinars, and total operating expenses fell 31.0% on an annual basis to 1.5 million dinars from 2.1 million dinars.

Reported net income declined 49.4% on an annual basis to 189,600 dinars, or 0 fils per share, from 374,920 dinars, or 1 fils per share.

As of Aug. 15, US$1 was equivalent to 30 Kuwaiti fils.