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Jordan Hotels & Tourism swings to profit in Q1

Jordan Hotels & Tourism Company Ltd said its first-quarter normalized net income came to 204,730 dinars, compared with a loss of 16,340 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 climbed to 4.4% from negative 0.3% in the year-earlier period.

Total revenue decreased 6.2% year over year to 4.7 million dinars from 5.0 million dinars, and total operating expenses decreased 12.3% year over year to 4.4 million dinars from 5.0 million dinars.

Reported net income totaled 262,060 dinars, or 3 fils per share, compared to a loss of 47,150 dinars, or a loss of 1 fils per share, in the prior-year period.

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