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Jordan Worsted Mills Q1 profit climbs 13.8% YOY

Jordan Worsted Mills Co. Ltd. said its first-quarter normalized net income was 7 Jordanian fils per share, a gain of 13.8% from 6 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 1.0 million dinars, an increase of 13.8% from 888,900 dinars in the prior-year period.

The normalized profit margin rose to 34.7% from 23.0% in the year-earlier period.

Total revenue declined 24.6% year over year to 2.9 million dinars from 3.9 million dinars, and total operating expenses decreased 16.3% year over year to 2.0 million dinars from 2.4 million dinars.

Reported net income grew 38.8% year over year to 1.7 million dinars, or 11 fils per share, from 1.2 million dinars, or 8 fils per share.

As of April 7, US$1 was equivalent to 71 Jordanian fils.