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Jordan Worsted Mills Q1 profit climbs 6.7% YOY

Jordan Worsted Mills Co. Ltd. said its normalized net income for the first quarter came to 6 Jordanian fils per share, an increase of 6.7% from 6 fils per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 880,670 dinars, a gain of 6.7% from 825,420 dinars in the year-earlier period.

The normalized profit margin dropped to 23.0% from 26.6% in the year-earlier period.

Total revenue rose 24.9% on an annual basis to 3.9 million dinars from 3.1 million dinars, and total operating expenses grew 25.4% from the prior-year period to 2.4 million dinars from 1.9 million dinars.

Reported net income decreased 36.5% on an annual basis to 1.2 million dinars, or 8 fils per share, from 1.9 million dinars, or 13 fils per share.

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