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Premier Business & Projects swings to profit in Q3

Premier Business & Projects Co. Ltd. said its third-quarter normalized net income was 3 Jordanian fils per share, compared with a loss of 20 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 39,530 dinars, compared with a loss of 299,480 dinars in the year-earlier period.

The normalized profit margin increased to 25.8% from negative 18.1% in the year-earlier period.

Total revenue fell 90.7% on an annual basis to 153,250 dinars from 1.7 million dinars, and total operating expenses declined 96.6% from the prior-year period to 72,000 dinars from 2.1 million dinars.

Reported net income came to 63,250 dinars, or 4 fils per share, compared to a loss of 479,170 dinars, or a loss of 32 fils per share, in the prior-year period.

As of Oct. 31, US$1 was equivalent to 71 Jordanian fils.