Zara Investment Holding Co. said its first-quarter normalized net income was a loss of 1.2 million dinars, compared with a loss of 1.8 million 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 increased to negative 8.8% from negative 12.6% in the year-earlier period.

Total revenue fell 6.1% year over year to 13.1 million dinars from 14.0 million dinars, and total operating expenses decreased 11.3% from the prior-year period to 15.0 million dinars from 16.9 million dinars.

Reported net income came to a loss of 2.0 million dinars, or a loss of 1 fils per share, compared to a loss of 3.0 million dinars, or a loss of 2 fils per share, in the year-earlier period.

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