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Elzay Ready Wear Manufacturing Q1 loss widens YOY

Elzay Ready Wear Manufacturing Co. said its normalized net income for the first quarter was a loss of 5 Jordanian fils per share, compared with a loss of 1 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 290,990 dinars, compared with a loss of 80,290 dinars in the year-earlier period.

The normalized profit margin fell to negative 13.7% from negative 2.3% in the year-earlier period.

Total revenue declined 39.8% year over year to 2.1 million dinars from 3.5 million dinars, and total operating expenses declined 30.3% on an annual basis to 2.5 million dinars from 3.5 million dinars.

Reported net income totaled a loss of 465,590 dinars, or a loss of 9 fils per share, compared to a loss of 128,470 dinars, or a loss of 2 fils per share, in the prior-year period.

As of May 2, US$1 was equivalent to 71 Jordanian fils.