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Industrial Commercial & Agricultural Q1 profit falls YOY

Industrial Commercial & Agricultural Public Ltd. Co. said its normalized net income for the first quarter was 12,420 dinars, a fall of 28.6% from 17,400 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 climbed to 0.4% from 0.4% in the year-earlier period.

Total revenue fell 40.0% on an annual basis to 3.0 million dinars from 5.0 million dinars, and total operating expenses decreased 40.1% on an annual basis to 2.9 million dinars from 4.9 million dinars.

Reported net income fell 28.6% from the prior-year period to 19,880 dinars, or 0 fils per share, from 27,840 dinars, or 0 fils per share.

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