AL - Sharq Investment Projects Co. PLC said its normalized net income for the fourth quarter was 1 Jordanian fils per share, a decline of 68.9% from 3 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 170,360 dinars, a decrease of 68.9% from 547,670 dinars in the year-earlier period.

The normalized profit margin declined to 13.6% from 35.0% in the year-earlier period.

Total revenue fell 19.8% year over year to 1.3 million dinars from 1.6 million dinars, and total operating expenses declined 11.9% year over year to 1.0 million dinars from 1.2 million dinars.

Reported net income fell 66.8% on an annual basis to 261,460 dinars, or 2 fils per share, from 787,960 dinars, or 5 fils per share.

For the year, the company's normalized net income totaled 6 fils per share, a fall of 38.1% from 10 fils per share in the prior year.

Normalized net income was 1.0 million dinars, a fall of 38.1% from 1.6 million dinars in the prior year.

Full-year total revenue declined 24.2% from the prior-year period to 5.2 million dinars from 6.9 million dinars, and total operating expenses fell 13.4% on an annual basis to 4.4 million dinars from 5.0 million dinars.

The company said reported net income decreased 41.3% year over year to 1.4 million dinars, or 9 fils per share, in the full year, from 2.3 million dinars, or 15 fils per share.

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