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Arab Hotels H1 loss widens 32.1% YOY

Arab Hotels Co. PLC said its normalized net income for the first half amounted to a loss of 245,810 dinars, compared with a loss of 186,050 dinars in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

Total revenue declined 21.8% year over year to 2.0 million dinars from 2.6 million dinars, and total operating expenses decreased 13.7% from the prior-year period to 2.1 million dinars from 2.4 million dinars.

Reported net income came to a loss of 393,300 dinars, or a loss of 2 fils per share, compared to a loss of 297,690 dinars, or a loss of 2 fils per share, in the year-earlier period.

As of Aug. 14, US$1 was equivalent to 71 Jordanian fils.