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Elzay Ready Wear Manufacturing Q1 loss narrows YOY

Elzay Ready Wear Manufacturing Co. said its normalized net income for the first quarter came to a loss of 1 Jordanian fils per share, compared with a loss of 2 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 a loss of 80,290 dinars, compared with a loss of 128,770 dinars in the prior-year period.

The normalized profit margin rose to negative 2.3% from negative 3.3% in the year-earlier period.

Total revenue declined 10.6% year over year to 3.5 million dinars from 3.9 million dinars, and total operating expenses declined 11.9% year over year to 3.5 million dinars from 4.0 million dinars.

Reported net income totaled a loss of 128,470 dinars, or a loss of 2 fils per share, compared to a loss of 206,040 dinars, or a loss of 3 fils per share, in the prior-year period.

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