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Jordan Projects for Tourism Development swings to profit in Q1

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Jordan Projects for Tourism Development swings to profit in Q1

Jordan Projects for Tourism Development Co. said its normalized net income for the first quarter amounted to 218,870 dinars, compared with a loss of 324,280 dinars in the prior-year period.

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

The normalized profit margin increased to 2.4% from negative 13.4% in the year-earlier period.

Total revenue climbed on an annual basis to 9.0 million dinars from 2.4 million dinars, and total operating expenses rose year over year to 7.8 million dinars from 2.4 million dinars.

Reported net income came to 350,190 dinars, or 1 fils per share, compared to a loss of 518,840 dinars, or a loss of 2 fils per share, in the prior-year period.

As of July 4, US$1 was equivalent to 71 Jordanian fils.