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Arab International Hotels Q2 profit falls YOY

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Arab International Hotels Q2 profit falls YOY

Arab International Hotels PLC said its second-quarter normalized net income came to 2 Jordanian fils per share, a decline of 40.1% from 3 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 548,740 dinars, a decrease of 39.2% from 902,090 dinars in the prior-year period.

The normalized profit margin dropped to 16.7% from 32.7% in the year-earlier period.

Total revenue climbed 19.0% on an annual basis to 3.3 million dinars from 2.8 million dinars, and total operating expenses grew 16.4% on an annual basis to 2.8 million dinars from 2.4 million dinars.

Reported net income decreased 44.3% on an annual basis to 746,500 dinars, or 2 fils per share, from 1.3 million dinars, or 4 fils per share.

As of July 25, US$1 was equivalent to 71 Jordanian fils.