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Mediterranean Tourism Investment Q2 profit falls YOY

Mediterranean Tourism Investment Co. said its second-quarter normalized net income came to 1 Jordanian fils per share, a decline of 36.3% from 2 fils per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 493,700 dinars, a decrease of 36.3% from 774,480 dinars in the year-earlier period.

The normalized profit margin fell to 10.8% from 14.2% in the year-earlier period.

Total revenue decreased 16.4% on an annual basis to 4.6 million dinars from 5.5 million dinars, and total operating expenses decreased 10.2% year over year to 3.9 million dinars from 4.3 million dinars.

Reported net income decreased 39.5% year over year to 640,460 dinars, or 1 fils per share, from 1.1 million dinars, or 2 fils per share.

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