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General Investment Co. swings to loss in Q4

General Investment Co. Ltd. said its fourth-quarter normalized net income was a loss of 69,910 dinars, compared with income of 356,600 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 declined to negative 4.1% from 15.1% in the year-earlier period.

Total revenue fell 27.2% on an annual basis to 1.7 million dinars from 2.4 million dinars, and total operating expenses fell from the prior-year period to 1.8 million dinars from 1.9 million dinars.

Reported net income totaled a loss of 22,010 dinars, or a loss of 0 fils per share, compared to income of 506,960 dinars, or 5 fils per share, in the prior-year period.

For the year, the company's normalized net income totaled 7 fils per share, a fall of 51.9% from 14 fils per share in the prior year.

Normalized net income was 662,130 dinars, a decline of 51.9% from 1.4 million dinars in the prior year.

Full-year total revenue fell 7.3% year over year to 8.4 million dinars from 9.0 million dinars, and total operating expenses rose on an annual basis to 7.7 million dinars from 7.4 million dinars.

The company said reported net income decreased 49.4% on an annual basis to 993,620 dinars, or 10 fils per share, in the full year, from 2.0 million dinars, or 20 fils per share.

As of March 24, US$1 was equivalent to 71 Jordanian fils.