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Industrial Commercial & Agricultural swings to loss in Q3

Industrial Commercial & Agricultural Public Ltd. Co. said its third-quarter normalized net income came to 3,350 dinars, compared with income of 17,590 dinars in the year-earlier period.

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

The normalized profit margin declined to negative 0.1% from 0.4% in the year-earlier period.

Total revenue declined 24.4% on an annual basis to 3.3 million dinars from 4.3 million dinars, and total operating expenses decreased 23.4% on an annual basis to 3.3 million dinars from 4.3 million dinars.

Reported net income came to a loss of 5,360 dinars, compared with income of 28,150 dinars in the year-earlier period.

As of Oct. 26, US$1 was equivalent to 71 Jordanian fils.