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Al Dawliyah for Hotels & Malls Q2 profit falls YOY

Al Dawliyah for Hotels & Malls said its second-quarter normalized net income came to 1 Jordanian fils per share, a decrease of 36.3% from 2 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 549,990 dinars, a decline of 34.9% from 844,840 dinars in the prior-year period.

The normalized profit margin fell to 13.6% from 17.1% in the year-earlier period.

Total revenue decreased 18.0% on an annual basis to 4.0 million dinars from 4.9 million dinars, and total operating expenses decreased 11.3% year over year to 3.2 million dinars from 3.6 million dinars.

Reported net income fell 39.4% on an annual basis to 703,990 dinars, or 2 fils per share, from 1.2 million dinars, or 3 fils per share.

As of July 29, US$1 was equivalent to 71 Jordanian fils.