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Jordan Worsted Mills Q2 profit climbs 40.5% YOY

Jordan Worsted Mills Co. Ltd. said its normalized net income for the second quarter amounted to 12 Jordanian fils per share, an increase of 40.6% from 9 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 1.8 million dinars, a gain of 40.5% from 1.3 million dinars in the year-earlier period.

The normalized profit margin dropped to 67.7% from 74.8% in the year-earlier period.

Total revenue increased 55.3% year over year to 2.7 million dinars from 1.8 million dinars, and total operating expenses climbed 43.8% year over year to 1.8 million dinars from 1.2 million dinars.

Reported net income grew 49.2% from the prior-year period to 3.1 million dinars, or 21 fils per share, from 2.1 million dinars, or 14 fils per share.

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