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Zara Investment Q4 loss narrows YOY

Zara Investment Holding Co. said its fourth-quarter normalized net income came to a loss of 157,330 dinars, compared with a loss of 299,640 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 rose to negative 0.9% from negative 1.6% in the year-earlier period.

Total revenue fell 5.7% year over year to 17.2 million dinars from 18.2 million dinars, and total operating expenses declined 9.1% from the prior-year period to 16.6 million dinars from 18.2 million dinars.

Reported net income came to a loss of 189,310 dinars, or a loss of 0 fils per share, compared to a loss of 535,500 dinars, or a loss of 0 fils per share, in the year-earlier period.

For the year, the company's normalized net income totaled 1.4 million dinars, compared with income of 390,440 dinars in the prior year.

Full-year total revenue declined 14.5% year over year to 71.2 million dinars from 83.3 million dinars, and total operating expenses fell 10.4% on an annual basis to 71.6 million dinars from 79.8 million dinars.

The company said reported net income totaled a loss of 2.3 million dinars, or a loss of 2 fils per share, in the full year, compared with income of 464,060 dinars, or 0 fils per share, the prior year.

As of March 30, US$1 was equivalent to 71 Jordanian fils.