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Willi-Food Investments swings to loss in Q2

Willi-Food Investments Ltd. said its second-quarter normalized net income amounted to a loss of 1 agorot per share, compared with 10 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 185,880 shekels, compared with income of 1.3 million shekels in the year-earlier period.

The normalized profit margin dropped to negative 0.3% from 1.6% in the year-earlier period.

Total revenue declined 10.2% year over year to 71.3 million shekels from 79.4 million shekels, and total operating expenses declined 7.5% year over year to 68.3 million shekels from 73.8 million shekels.

Reported net income totaled a loss of 263,540 shekels, or a loss of 2 agorot per share, compared to income of 2.0 million shekels, or 15 agorot per share, in the year-earlier period.

As of Aug. 18, US$1 was equivalent to 3.86 shekels.