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Siniora Food Industries Q2 profit falls YOY

Siniora Food Industries Company P.L.C said its second-quarter normalized net income came to 2 Jordanian fils per share, a decline of 56.6% 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 444,930 dinars, a decline of 62.6% from 1.2 million dinars in the year-earlier period.

The normalized profit margin declined to 3.2% from 11.3% in the year-earlier period.

Total revenue increased 33.2% on an annual basis to 14.0 million dinars from 10.5 million dinars, and total operating expenses grew 48.2% year over year to 13.2 million dinars from 8.9 million dinars.

Reported net income fell 58.4% on an annual basis to 691,990 dinars, or 4 fils per share, from 1.7 million dinars, or 8 fils per share.

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