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Palestine Industrial Investment Q3 profit falls YOY

Palestine Industrial Investment Co. Ltd. said its third-quarter normalized net income came to 3 Jordanian fils per share, a decrease of 29.0% from 5 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 630,090 dinars, a decrease of 28.2% from 877,610 dinars in the prior-year period.

The normalized profit margin dropped to 5.6% from 8.6% in the year-earlier period.

Total revenue rose 11.5% year over year to 11.3 million dinars from 10.1 million dinars, and total operating expenses rose 23.5% on an annual basis to 10.8 million dinars from 8.7 million dinars.

Reported net income decreased 31.5% on an annual basis to 959,140 dinars, or 5 fils per share, from 1.4 million dinars, or 8 fils per share.

As of Oct. 26, US$1 was equivalent to 71 Jordanian fils.