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Jordan Poultry Processing & Marketing swings to profit in Q1

Jordan Poultry Processing & Marketing Co. Ltd. said its first-quarter normalized net income came to 67,310 dinars, compared with a loss of 130,290 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 0.7% from negative 1.8% in the year-earlier period.

Total revenue grew 27.1% year over year to 9.3 million dinars from 7.3 million dinars, and total operating expenses increased 21.9% on an annual basis to 9.2 million dinars from 7.5 million dinars.

Reported net income came to 107,690 dinars, or 0 fils per share, compared to a loss of 208,460 dinars, or a loss of 1 fils per share, in the year-earlier period.

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