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Petra Education Q2 profit falls YOY

Petra Education Co. Public Shareholding Co. said its normalized net income for the second quarter was 4 Jordanian fils per share, a decrease of 42.2% from 7 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 658,550 dinars, a decrease of 42.2% from 1.1 million dinars in the year-earlier period.

The normalized profit margin fell to 13.0% from 19.5% in the year-earlier period.

Total revenue decreased 13.1% year over year to 5.1 million dinars from 5.8 million dinars, and total operating expenses increased on an annual basis to 4.2 million dinars from 4.1 million dinars.

Reported net income fell 44.8% from the prior-year period to 845,690 dinars, or 5 fils per share, from 1.5 million dinars, or 10 fils per share.

As of July 24, US$1 was equivalent to 71 Jordanian fils.