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Netanel Group swings to loss in Q1

Netanel Group Ltd. said its normalized net income for the first quarter was a loss of 22 agorot per share, compared with 56 agorot per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 4.4 million shekels, compared with income of 15.8 million shekels in the prior-year period.

Reported net income came to a loss of 5.0 million shekels, or a loss of 25 agorot per share, compared to income of 18.5 million shekels, or 65 agorot per share, in the prior-year period.

As of May 19, US$1 was equivalent to 3.87 shekels.