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Industrial Commercial & Agricultural Q1 profit falls YOY

Industrial Commercial & Agricultural Public Ltd. Co. said its normalized net income for the first quarter was 17,400 dinars, a decline of 92.4% from 228,030 dinars in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to 0.4% from 3.4% in the year-earlier period.

Total revenue declined 26.5% on an annual basis to 5.0 million dinars from 6.8 million dinars, and total operating expenses fell 22.8% on an annual basis to 4.9 million dinars from 6.4 million dinars.

Reported net income declined 92.3% on an annual basis to 27,840 dinars, or 0 fils per share, from 361,100 dinars, or 2 fils per share.

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