IFA Hotels & Resorts KPSC said its normalized net income for the first quarter was a loss of 1.3 million dinars, compared with a loss of 1.8 million 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 rose to negative 3.5% from negative 20.4% in the year-earlier period.

Total revenue grew 15.2% year over year to 10.2 million dinars from 8.9 million dinars, and total operating expenses rose 6.5% year over year to 10.4 million dinars from 9.7 million dinars.

Reported net income totaled a loss of 2.1 million dinars, or a loss of 0 fils per share, compared to a loss of 3.0 million dinars, or a loss of 0 fils per share, in the prior-year period.

As of June 3, US$1 was equivalent to 30 Kuwaiti fils.