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Union Tobacco & Cigarette Industries swings to profit in Q3

Union Tobacco & Cigarette Industries Co. PLC said its normalized net income for the third quarter was 5 Jordanian fils per share, compared with a loss of 4 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 693,520 dinars, compared with a loss of 547,450 dinars in the year-earlier period.

The normalized profit margin rose to 5.4% from negative 8.4% in the year-earlier period.

Total revenue increased year over year to 18.4 million dinars from 6.5 million dinars, and total operating expenses increased year over year to 16.9 million dinars from 6.9 million dinars.

Reported net income totaled 1.1 million dinars, or 7 fils per share, compared to a loss of 565,600 dinars, or a loss of 4 fils per share, in the prior-year period.

As of Oct. 31, US$1 was equivalent to 71 Jordanian fils.