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Arab International Food Q4 loss widens 80.1% YOY

Arab International Food Factories & Investment Co. said its normalized net income for the fourth quarter came to a loss of 28,010 dinars, compared with a loss of 15,550 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 declined to negative 112.7% from negative 47.7% in the year-earlier period.

Total revenue fell 23.7% on an annual basis to 24,840 dinars from 32,570 dinars, and total operating expenses rose 21.2% year over year to 69,650 dinars from 57,450 dinars.

Reported net income totaled a loss of 44,860 dinars, or a loss of 0 fils per share, compared to a loss of 25,440 dinars, or a loss of 0 fils per share, in the prior-year period.

For the year, the company's normalized net income totaled 12 fils per share, a decline from 12 fils per share in the prior year.

Normalized net income was 1.2 million dinars, a decrease from 1.3 million dinars in the prior year.

Full-year total revenue declined on an annual basis to 2.2 million dinars from 2.2 million dinars, and total operating expenses rose 17.0% on an annual basis to 172,150 dinars from 147,080 dinars.

The company said reported net income declined on an annual basis to 2.0 million dinars, or 19 fils per share, in the full year, from 2.1 million dinars, or 20 fils per share.

As of March 29, US$1 was equivalent to 71 Jordanian fils.