IFA Hotels & Resorts KPSC said its fourth-quarter normalized net income came to a loss of 375,390 dinars, compared with a loss of 7.8 million 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 was 16.9%.
Total revenue rose on an annual basis to 35.3 million dinars from 2.0 million dinars, and total operating expenses rose on an annual basis to 34.2 million dinars from 14.5 million dinars.
Reported net income totaled 14.1 million dinars, or 2 fils per share, compared to a loss of 18.1 million dinars, or a loss of 3 fils per share, in the prior-year period.
For the year, the company's normalized net income totaled a loss of 1 fils per share, compared with a loss of 2 fils per share in the prior year.
Normalized net income was a loss of 7.5 million dinars, compared with a loss of 15.0 million dinars in the prior year.
Full-year total revenue rose year over year to 62.4 million dinars from 26.6 million dinars, and total operating expenses increased 59.7% year over year to 67.1 million dinars from 42.0 million dinars.
The company said reported net income came to 2.4 million dinars, or 0 fils per share, in the full year, compared with a loss of 29.9 million dinars, or a loss of 5 fils per share, the prior year.
As of April 12, US$1 was equivalent to 30 Kuwaiti fils.