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Al-Faris National Q1 loss widens 53.6% YOY

Al-Faris National Co. for Investment & Export PLC said its first-quarter normalized net income came to a loss of 9 Jordanian fils per share, compared with a loss of 6 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 551,350 dinars, compared with a loss of 359,020 dinars in the prior-year period.

The normalized profit margin declined to negative 11.1% from negative 10.3% in the year-earlier period.

Total revenue rose 42.3% on an annual basis to 5.0 million dinars from 3.5 million dinars, and total operating expenses climbed 49.7% from the prior-year period to 5.7 million dinars from 3.8 million dinars.

Reported net income totaled a loss of 90,750 dinars, or a loss of 2 fils per share, compared to a loss of 699,430 dinars, or a loss of 12 fils per share, in the prior-year period.

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