AMMAN — The board of Jordan Press Foundation/Al Rai indicated in a statement on Thursday that the company’s operational earnings amounted to JD10.9 million during the first half of this year despite the economic slowdown in the local market.
According to the statement, income from advertising totalled JD8.44 million during the first six months of 2012.
The cost-cutting measures under implementation since the beginning of this year to reduce expenses has enabled the company to save JD0.7 million or 8.4 per cent, the board said in the statement.
As recommended by the external auditor and financial adviser Deloitte & Tosh, Al Rai has set aside JD1.055 million as a provision for doubtful assets currently sought in court filings and another JD0.6 million for slow-moving inventory related to spare parts of the old press which will go out of services when the new presses start operating before the end of this year, the statement said.
“As such, the company has actually generated a JD2.9 million gross profit and a loss posted at the end of the first half is only the result of the aforementioned provisions,” the statement concluded.