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Hamama Meir Trading swings to loss in Q2

Hamama Meir Trading (1996) Ltd. said its normalized net income for the second quarter came to a loss of 15 agorot per share, compared with 10 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 2.1 million shekels, compared with income of 1.4 million shekels in the year-earlier period.

The normalized profit margin declined to negative 1.8% from 1.1% in the year-earlier period.

Total revenue fell 11.1% on an annual basis to 116.9 million shekels from 131.5 million shekels, and total operating expenses decreased 6.1% year over year to 119.8 million shekels from 127.6 million shekels.

Reported net income totaled a loss of 2.5 million shekels, or a loss of 18 agorot per share, compared to income of 1.7 million shekels, or 12 agorot per share, in the prior-year period.

As of Aug. 20, US$1 was equivalent to 3.87 shekels.