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Arab Weavers Union Q3 loss widens 47.3% YOY

Arab Weavers Union Co. PLC said its normalized net income for the third quarter amounted to a loss of 161,350 dinars, compared with a loss of 109,570 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 fell to negative 21.1% from negative 7.0% in the year-earlier period.

Total revenue fell 51.2% on an annual basis to 764,310 dinars from 1.6 million dinars, and total operating expenses decreased 41.3% from the prior-year period to 1.0 million dinars from 1.7 million dinars.

Reported net income totaled a loss of 505,810 dinars, or a loss of 4 fils per share, compared to a loss of 175,870 dinars, or a loss of 1 fils per share, in the year-earlier period.

As of Oct. 25, US$1 was equivalent to 71 Jordanian fils.