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Al Dawliyah for Hotels & Malls Q1 profit falls YOY

Al Dawliyah for Hotels & Malls said its first-quarter normalized net income was 39,300 dinars, a decline of 90.0% from 391,070 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 fell to 1.3% from 10.6% in the year-earlier period.

Total revenue declined 19.0% on an annual basis to 3.0 million dinars from 3.7 million dinars, and total operating expenses fell year over year to 2.9 million dinars from 3.1 million dinars.

Reported net income decreased 90.7% from the prior-year period to 49,520 dinars, or 0 fils per share, from 532,280 dinars, or 1 fils per share.

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