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Carmit Candy Industries swings to loss in Q1

Carmit Candy Industries Ltd. said its normalized net income for the first quarter amounted to a loss of 3 agorot per share, compared with 2 agorot per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 171,250 shekels, compared with income of 104,380 shekels in the year-earlier period.

The normalized profit margin fell to negative 0.5% from 0.3% in the year-earlier period.

Total revenue climbed 6.2% on an annual basis to 34.2 million shekels from 32.2 million shekels, and total operating expenses grew 8.2% year over year to 34.1 million shekels from 31.5 million shekels.

Reported net income came to a loss of 225,000 shekels, or a loss of 4 agorot per share, compared to income of 129,000 shekels, or 2 agorot per share, in the prior-year period.

As of May 26, US$1 was equivalent to 3.83 shekels.