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Palestine Poultry Q2 profit falls YOY

Palestine Poultry Co. Ltd. said its second-quarter normalized net income amounted to 6 Jordanian fils per share, a decline of 27.7% from 8 fils per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 804,760 dinars, a decline of 12.5% from 919,760 dinars in the year-earlier period.

The normalized profit margin fell to 8.6% from 11.5% in the year-earlier period.

Total revenue climbed 16.5% year over year to 9.4 million dinars from 8.0 million dinars, and total operating expenses increased 23.7% on an annual basis to 8.0 million dinars from 6.5 million dinars.

Reported net income declined 11.5% on an annual basis to 1.2 million dinars, or 9 fils per share, from 1.3 million dinars, or 12 fils per share.

As of Aug. 12, US$1 was equivalent to 71 Jordanian fils.