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Strauss Group Q1 profit falls YOY

Strauss Group Ltd. said its first-quarter normalized net income came to 56 agorot per share, a decrease of 33.6% from 85 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 60.4 million shekels, a decline of 33.7% from 91.1 million shekels in the year-earlier period.

The normalized profit margin declined to 4.6% from 6.7% in the year-earlier period.

Total revenue declined year over year to 1.31 billion shekels from 1.37 billion shekels, and total operating expenses totaled 1.22 billion shekels, compared with 1.21 billion shekels in the year-earlier period.

Reported net income decreased 35.1% year over year to 72.0 million shekels, or 67 agorot per share, from 111.0 million shekels, or 1.03 shekels per share.

As of May 28, US$1 was equivalent to 3.87 shekels.