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Industrial Commercial & Agricultural swings to loss in Q4

Industrial Commercial & Agricultural Public Ltd. Co. said its normalized net income for the fourth quarter came to a loss of 23,920 dinars, compared with income of 77,770 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 fell to negative 0.6% from 1.3% in the year-earlier period.

Total revenue declined 33.3% year over year to 3.9 million dinars from 5.9 million dinars, and total operating expenses declined 30.4% on an annual basis to 4.0 million dinars from 5.8 million dinars.

Reported net income came to a loss of 58,270 dinars, or a loss of 0 fils per share, compared to income of 74,060 dinars, or 0 fils per share, in the prior-year period.

For the year, the company's normalized net income totaled 53,280 dinars, a decrease of 92.5% from 710,660 dinars in the prior year.

Full-year total revenue decreased 26.2% on an annual basis to 18.1 million dinars from 24.6 million dinars, and total operating expenses fell 23.4% on an annual basis to 18.1 million dinars from 23.6 million dinars.

The company said reported net income decreased 94.0% year over year to 65,240 dinars, or 0 fils per share, in the full year, from 1.1 million dinars, or 7 fils per share.

As of March 30, US$1 was equivalent to 71 Jordanian fils.