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Jordan Projects for Tourism Development Q1 loss narrows YOY

Jordan Projects for Tourism Development Co. said its first-quarter normalized net income came to a loss of 2 Jordanian fils per share, compared with a loss of 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 324,280 dinars, compared with a loss of 373,720 dinars in the prior-year period.

The normalized profit margin rose to negative 13.4% from negative 33.9% in the year-earlier period.

Total revenue grew year over year to 2.4 million dinars from 1.1 million dinars, and total operating expenses grew year over year to 2.4 million dinars from 1.2 million dinars.

Reported net income totaled a loss of 518,840 dinars, or a loss of 2 fils per share, compared to a loss of 597,960 dinars, or a loss of 3 fils per share, in the prior-year period.

As of April 29, US$1 was equivalent to 71 Jordanian fils.