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Palestine Poultry Q1 profit falls YOY

Palestine Poultry Co. Ltd. said its normalized net income for the first quarter came to 24,320 dinars, a fall of 96.7% from 743,520 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 declined to 0.4% from 9.8% in the year-earlier period.

Total revenue declined 18.0% on an annual basis to 6.3 million dinars from 7.6 million dinars, and total operating expenses fell on an annual basis to 6.2 million dinars from 6.3 million dinars.

Reported net income decreased 98.5% year over year to 15,660 dinars, or 0 fils per share, from 1.0 million dinars, or 8 fils per share.

As of April 29, US$1 was equivalent to 71 Jordanian fils.