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Arab International Hotels swings to profit in Q1

Arab International Hotels PLC said its normalized net income for the first quarter amounted to 343,400 dinars, compared with a loss of 264,190 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 climbed to 11.7% from negative 11.4% in the year-earlier period.

Total revenue grew 26.9% on an annual basis to 2.9 million dinars from 2.3 million dinars, and total operating expenses grew 11.4% year over year to 2.6 million dinars from 2.4 million dinars.

Reported net income totaled 499,140 dinars, or 2 fils per share, compared to a loss of 422,700 dinars, or a loss of 1 fils per share, in the prior-year period.

As of April 27, US$1 was equivalent to 71 Jordanian fils.