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Jordan Worsted Mills Q2 profit falls YOY

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Jordan Worsted Mills Q2 profit falls YOY

Jordan Worsted Mills Co. Ltd. said its normalized net income for the second quarter was 9 Jordanian fils per share, a decrease of 25.3% from 12 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 1.4 million dinars, a decline of 25.3% from 1.8 million dinars in the year-earlier period.

The normalized profit margin climbed to 75.8% from 67.7% in the year-earlier period.

Total revenue decreased 33.2% on an annual basis to 1.8 million dinars from 2.7 million dinars, and total operating expenses decreased 29.2% on an annual basis to 1.3 million dinars from 1.8 million dinars.

Reported net income declined 29.4% year over year to 2.2 million dinars, or 15 fils per share, from 3.1 million dinars, or 21 fils per share.

As of July 29, US$1 was equivalent to 71 Jordanian fils.