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Arab Weavers Union Q2 loss widens 22.9% YOY

Arab Weavers Union Co. PLC said its normalized net income for the second quarter came to 78,580 dinars, compared with a loss of 63,960 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 negative 4.8% from negative 2.7% in the year-earlier period.

Total revenue decreased 31.2% year over year to 1.6 million dinars from 2.4 million dinars, and total operating expenses fell 21.9% on an annual basis to 1.8 million dinars from 2.3 million dinars.

Reported net income came to a loss of 130,210 dinars, compared with a loss of 132,390 dinars, or a loss of 1 fils per share, in the year-earlier period.

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