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Arab Weavers Union Q1 loss widens 9.6% YOY

Arab Weavers Union Co. P.L.C said its first-quarter normalized net income was a loss of 84,720 dinars, compared with a loss of 77,320 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 negative 8.1% from negative 3.9% in the year-earlier period.

Total revenue fell 46.5% year over year to 1.0 million dinars from 2.0 million dinars, and total operating expenses declined 42.8% from the prior-year period to 1.2 million dinars from 2.0 million dinars.

Reported net income came to a loss of 132,660 dinars, or a loss of 1 fils per share, compared to a loss of 121,750 dinars, or a loss of 1 fils per share, in the prior-year period.

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