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National Poultry swings to loss in Q1

National Poultry Co. PLC said its first-quarter normalized net income amounted to a loss of 2 Jordanian fils per share, compared with 2 fils per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 640,590 dinars, compared with income of 549,580 dinars in the year-earlier period.

The normalized profit margin declined to negative 4.2% from 2.7% in the year-earlier period.

Total revenue decreased 24.4% on an annual basis to 15.3 million dinars from 20.3 million dinars, and total operating expenses decreased 15.5% year over year to 16.4 million dinars from 19.4 million dinars.

Reported net income totaled a loss of 1.1 million dinars, or a loss of 4 fils per share, compared to income of 728,820 dinars, or 2 fils per share, in the year-earlier period.

As of May 2, US$1 was equivalent to 71 Jordanian fils.