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Al Dawliyah for Hotels & Malls Q2 profit falls YOY

Al Dawliyah for Hotels & Malls said its normalized net income for the second quarter amounted to 391,940 dinars, a fall of 28.7% from 549,990 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 fell to 11.1% from 13.6% in the year-earlier period.

Total revenue decreased 12.7% year over year to 3.5 million dinars from 4.0 million dinars, and total operating expenses declined 9.9% from the prior-year period to 2.9 million dinars from 3.2 million dinars.

Reported net income decreased 28.7% from the prior-year period to 501,680 dinars, or 1 fils per share, from 703,990 dinars, or 2 fils per share.

As of July 26, US$1 was equivalent to 71 Jordanian fils.