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Arab Weavers Union Q2 loss narrows YOY

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Arab Weavers Union Q2 loss narrows YOY

Arab Weavers Union Co. PLC said its second-quarter normalized net income came to a loss of 36,190 dinars, compared with a loss of 78,580 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 increased to negative 2.3% from negative 4.8% in the year-earlier period.

Total revenue decreased year over year to 1.6 million dinars from 1.6 million dinars, and total operating expenses fell 8.3% on an annual basis to 1.6 million dinars from 1.8 million dinars.

Reported net income totaled a loss of 63,420 dinars, or a loss of 1 fils per share, compared to a loss of 130,210 dinars, or a loss of 1 fils per share, in the year-earlier period.

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