Siniora Food Industries Company P.L.C said its normalized net income for the first quarter amounted to 2 Jordanian fils per share, a decrease of 55.5% from 5 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 484,740 dinars, a decline of 55.5% from 1.1 million dinars in the prior-year period.

The normalized profit margin dropped to 5.1% from 9.8% in the year-earlier period.

Total revenue decreased 14.1% year over year to 9.6 million dinars from 11.2 million dinars, and total operating expenses decreased 6.3% on an annual basis to 8.7 million dinars from 9.3 million dinars.

Reported net income declined 53.1% on an annual basis to 720,590 dinars, or 3 fils per share, from 1.5 million dinars, or 7 fils per share.

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