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Micronet Q1 loss widens YOY

Micronet Ltd said its first-quarter normalized net income came to a loss of 6 agorot per share, compared with a loss of 5 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 1.0 million shekels, compared with a loss of 989,380 shekels in the prior-year period.

The normalized profit margin rose to negative 6.7% from negative 6.9% in the year-earlier period.

Total revenue increased 7.4% year over year to 15.5 million shekels from 14.4 million shekels, and total operating expenses grew year over year to 16.6 million shekels from 16.3 million shekels.

Reported net income totaled a loss of 1.7 million shekels, or a loss of 9 agorot per share, compared to a loss of 1.1 million shekels, or a loss of 6 agorot per share, in the year-earlier period.

As of May 16, US$1 was equivalent to 3.81 shekels.