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Tamda swings to loss in Q1

Tamda Ltd. said its normalized net income for the first quarter amounted to a loss of 159,380 shekels, compared with income of 23,880 shekels in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 234.4% from 51.9% in the year-earlier period.

Total revenue climbed 47.8% on an annual basis to 68,000 shekels from 46,000 shekels.

Reported net income came to a loss of 267,000 shekels, or a loss of 3 agorot per share, compared to income of 124,000 shekels, or 1 agorot per share, in the prior-year period.

As of May 31, US$1 was equivalent to 3.85 shekels.