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Industrial Commercial & Agricultural swings to loss in Q2

Industrial Commercial & Agricultural Public Ltd. Co. said its normalized net income for the second quarter amounted to a loss of 4,440 dinars, compared with income of 42,200 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 dropped to negative 0.1% from 0.9% in the year-earlier period.

Total revenue fell 21.3% year over year to 3.9 million dinars from 4.9 million dinars, and total operating expenses decreased 19.8% year over year to 3.9 million dinars from 4.9 million dinars.

Reported net income totaled a loss of 7,110 dinars, or a loss of 0 fils per share, compared to income of 67,530 dinars, or 0 fils per share, in the prior-year period.

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