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Kuwait Resorts Q2 profit falls YOY

Kuwait Resorts Co. K.P.S.C. said its normalized net income for the second quarter was 422,560 dinars, a decline of 13.0% from 485,730 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 climbed to 14.4% from 14.2% in the year-earlier period.

Total revenue declined 14.1% on an annual basis to 2.9 million dinars from 3.4 million dinars, and total operating expenses decreased 6.0% on an annual basis to 2.2 million dinars from 2.3 million dinars.

Reported net income came to 794,370 dinars, or 0 fils per share, compared to 797,490 dinars, or 0 fils per share, in the year-earlier period.

As of Aug. 19, US$1 was equivalent to 30 Kuwaiti fils.