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Jordan Projects for Tourism Development swings to profit in Q3

Jordan Projects for Tourism Development Co. said its normalized net income for the third quarter was 117,810 dinars, compared with a loss of 458,510 dinars in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 2.2% from negative 17.8% in the year-earlier period.

Total revenue rose on an annual basis to 5.3 million dinars from 2.6 million dinars, and total operating expenses increased 68.4% from the prior-year period to 4.1 million dinars from 2.4 million dinars.

Reported net income totaled 188,490 dinars, or 1 fils per share, compared to a loss of 733,610 dinars, or a loss of 3 fils per share, in the prior-year period.

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