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Jordan Hotels & Tourism swings to loss in Q1

Jordan Hotels & Tourism Company Ltd said its normalized net income for the first quarter amounted to a loss of 16,340 dinars, compared with income of 363,730 dinars in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 0.3% from 6.3% in the year-earlier period.

Total revenue declined 13.6% on an annual basis to 5.0 million dinars from 5.8 million dinars, and total operating expenses declined from the prior-year period to 5.0 million dinars from 5.1 million dinars.

Reported net income came to a loss of 47,150 dinars, or a loss of 1 fils per share, compared to income of 505,800 dinars, or 5 fils per share, in the year-earlier period.

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