Kuwait Hotels Co. KSCP said its first-quarter normalized net income amounted to 14,160 dinars, a decrease of 90.1% from 142,470 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 declined to 0.6% from 4.8% in the year-earlier period.

Total revenue declined 22.6% year over year to 2.3 million dinars from 3.0 million dinars, and total operating expenses declined 17.7% year over year to 2.3 million dinars from 2.8 million dinars.

Reported net income decreased 89.8% from the prior-year period to 22,490 dinars, or 0 fils per share, from 219,870 dinars, or 0 fils per share.

As of May 20, US$1 was equivalent to 30 Kuwaiti fils.