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Arab Weavers Union swings to loss in Q1

Arab Weavers Union Co. PLC said its normalized net income for the first quarter came to a loss of 77,320 dinars, compared with income of 91,730 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 dropped to negative 3.9% from 3.8% in the year-earlier period.

Total revenue decreased 18.0% on an annual basis to 2.0 million dinars from 2.4 million dinars, and total operating expenses fell 8.4% from the prior-year period to 2.0 million dinars from 2.2 million dinars.

Reported net income totaled a loss of 121,750 dinars, or a loss of 1 fils per share, compared to income of 126,310 dinars, or 1 fils per share, in the prior-year period.

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