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AL - Sharq Investment Projects Q2 profit falls YOY

AL - Sharq Investment Projects Co. PLC said its second-quarter normalized net income amounted to 1 Jordanian fils per share, a decline of 61.9% from 3 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 209,960 dinars, a decline of 61.9% from 550,410 dinars in the year-earlier period.

The normalized profit margin fell to 15.5% from 27.1% in the year-earlier period.

Total revenue declined 33.2% year over year to 1.4 million dinars from 2.0 million dinars, and total operating expenses fell 14.7% from the prior-year period to 1.2 million dinars from 1.4 million dinars.

Reported net income declined 63.7% from the prior-year period to 284,420 dinars, or 2 fils per share, from 783,500 dinars, or 5 fils per share.

As of July 14, US$1 was equivalent to 71 Jordanian fils.