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Jordan Projects for Tourism Development swings to profit in Q2

Jordan Projects for Tourism Development Co. said its second-quarter normalized net income was 145,250 dinars, compared with a loss of 130,420 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 rose to 4.4% from negative 4.4% in the year-earlier period.

Total revenue increased 11.3% year over year to 3.3 million dinars from 2.9 million dinars, and total operating expenses rose 30.9% on an annual basis to 3.4 million dinars from 2.6 million dinars.

Reported net income totaled 622,390 dinars, or 2 fils per share, compared to a loss of 208,670 dinars, or a loss of 1 fils per share, in the prior-year period.

As of July 27, US$1 was equivalent to 71 Jordanian fils.