Mubasher: Jordan Steel Co. profits dropped 97.65% in the second quarter of 2016, to JOD 9,057 ($12,790) from JOD 384,843 ($543,475) in the same quarter in 2015.

Lower sales were the main reason behind the profit fall, the steel company said in a bourse filing.

Sales were down 75.25% to JOD 5.29 million in Q2-16 from JOD 21.01 million in the year-ago period.

At the level of the first half of the year, profits increased 6.8% to JOD 445,657, from JOD 417,256 in the same period last year.