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Arab International Hotels Q2 profit falls YOY

Arab International Hotels PLC said its normalized net income for the second quarter amounted to 3 Jordanian fils per share, a decline of 33.7% from 4 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 902,090 dinars, a decline of 33.5% from 1.4 million dinars in the prior-year period.

The normalized profit margin dropped to 32.7% from 38.4% in the year-earlier period.

Total revenue declined 22.0% year over year to 2.8 million dinars from 3.5 million dinars, and total operating expenses declined 10.0% on an annual basis to 2.4 million dinars from 2.7 million dinars.

Reported net income declined 34.2% on an annual basis to 1.3 million dinars, or 4 fils per share, from 2.0 million dinars, or 6 fils per share.

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