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Mediterranean Tourism Investment Q1 profit falls YOY

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Mediterranean Tourism Investment Q1 profit falls YOY

Mediterranean Tourism Investment Co. said its first-quarter normalized net income came to 298,480 dinars, a decline of 25.7% from 401,470 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 declined to 7.7% from 9.5% in the year-earlier period.

Total revenue declined 7.8% year over year to 3.9 million dinars from 4.2 million dinars, and total operating expenses declined on an annual basis to 3.6 million dinars from 3.7 million dinars.

Reported net income decreased 30.7% year over year to 382,600 dinars, or 1 fils per share, from 552,430 dinars, or 1 fils per share.

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