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Brimag Digital Age swings to profit in Q4

Brimag Digital Age Ltd. said its normalized net income for the fourth quarter was 5 agorot per share, compared with a loss of 51 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 514,000 shekels, compared with a loss of 5.2 million shekels in the prior-year period.

The normalized profit margin climbed to 0.4% from negative 4.8% in the year-earlier period.

Total revenue climbed 10.7% year over year to 121.0 million shekels from 109.3 million shekels, and total operating expenses increased 5.2% from the prior-year period to 119.8 million shekels from 114.0 million shekels.

Reported net income came to a loss of 1.1 million shekels, or a loss of 11 agorot per share, compared to a loss of 8.0 million shekels, or a loss of 79 agorot per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 4 agorot per share, compared with a loss of 55 agorot per share in the prior year.

Normalized net income was a loss of 361,880 shekels, compared with a loss of 5.6 million shekels in the prior year.

Full-year total revenue decreased 8.8% on an annual basis to 459.8 million shekels from 504.3 million shekels, and total operating expenses declined 8.8% on an annual basis to 455.7 million shekels from 499.4 million shekels.

The company said reported net income totaled a loss of 6.1 million shekels, or a loss of 60 agorot per share, in the full year, compared with income of 18.1 million shekels, or 1.78 shekels per share, the prior year.

As of March 30, US$1 was equivalent to 3.78 shekels.