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Mediterranean Tourism Investment Q4 profit climbs YOY

Mediterranean Tourism Investment Co. said its normalized net income for the fourth quarter came to 1 Jordanian fils per share, a gain from 1 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 639,580 dinars, an increase from 616,880 dinars in the prior-year period.

The normalized profit margin fell to 12.3% from 12.7% in the year-earlier period.

Total revenue increased 7.0% on an annual basis to 5.2 million dinars from 4.9 million dinars, and total operating expenses increased from the prior-year period to 4.2 million dinars from 4.0 million dinars.

Reported net income declined from the prior-year period to 828,370 dinars, or 2 fils per share, from 851,020 dinars, or 2 fils per share.

For the year, the company's normalized net income totaled 5 fils per share, compared with 5 fils per share in the prior year.

Normalized net income was 2.2 million dinars, compared with 2.2 million dinars in the prior year.

Full-year total revenue declined from the prior-year period to 19.0 million dinars from 19.3 million dinars, and total operating expenses fell year over year to 15.9 million dinars from 16.3 million dinars.

The company said reported net income declined 5.7% on an annual basis to 2.8 million dinars, or 6 fils per share, in the full year, from 3.0 million dinars, or 7 fils per share.

As of March 3, US$1 was equivalent to 71 Jordanian fils.