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Union Tobacco & Cigarette Industries Q2 profit falls YOY

Union Tobacco & Cigarette Industries Co. PLC said its second-quarter normalized net income amounted to 1 Jordanian fils per share, a decrease of 79.5% from 5 fils per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 154,900 dinars, a decrease of 79.5% from 755,740 dinars in the prior-year period.

The normalized profit margin fell to 1.6% from 5.5% in the year-earlier period.

Total revenue declined 28.3% year over year to 9.8 million dinars from 13.6 million dinars, and total operating expenses decreased 25.3% from the prior-year period to 10.2 million dinars from 13.6 million dinars.

Reported net income decreased 78.7% from the prior-year period to 247,840 dinars, or 2 fils per share, from 1.2 million dinars, or 8 fils per share.

As of July 28, US$1 was equivalent to 71 Jordanian fils.