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Jordan Hotels & Tourism Q2 profit falls YOY

Jordan Hotels & Tourism Company Ltd said its second-quarter normalized net income came to 3 Jordanian fils per share, a decline of 64.2% from 9 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 310,320 dinars, a decline of 64.1% from 864,320 dinars in the prior-year period.

The normalized profit margin dropped to 5.2% from 11.5% in the year-earlier period.

Total revenue fell 19.9% on an annual basis to 6.0 million dinars from 7.5 million dinars, and total operating expenses fell 9.2% year over year to 5.5 million dinars from 6.1 million dinars.

Reported net income declined 68.0% year over year to 380,360 dinars, or 4 fils per share, from 1.2 million dinars, or 12 fils per share.

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