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Kuwait Hotels Q2 profit climbs YOY

Kuwait Hotels Co. KSCP said its second-quarter normalized net income was 35,870 dinars, a rise from 13,160 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 rose to 1.6% from 0.6% in the year-earlier period.

Total revenue totaled 2.3 million dinars, compared with 2.3 million dinars in the year-earlier period, and total operating expenses decreased on an annual basis to 2.3 million dinars from 2.3 million dinars.

Reported net income rose from the prior-year period to 55,820 dinars, or 0 fils per share, from 20,130 dinars, or 0 fils per share.

As of Aug. 17, US$1 was equivalent to 30 Kuwaiti fils.