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Nextcom swings to loss in Q1

Nextcom Ltd. said its normalized net income for the first quarter came to a loss of 2 agorot per share, compared with 7 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 266,880 shekels, compared with income of 1.0 million shekels in the year-earlier period.

The normalized profit margin declined to negative 0.5% from 1.8% in the year-earlier period.

Total revenue decreased 14.7% on an annual basis to 49.9 million shekels from 58.5 million shekels, and total operating expenses fell 11.5% from the prior-year period to 49.6 million shekels from 56.1 million shekels.

Reported net income came to a loss of 558,760 shekels, or a loss of 4 agorot per share, compared to income of 977,830 shekels, or 7 agorot per share, in the year-earlier period.

As of May 26, US$1 was equivalent to 3.83 shekels.