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Delek Automotive Systems Q2 profit falls YOY

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Delek Automotive Systems Q2 profit falls YOY

Delek Automotive Systems Ltd. said its second-quarter normalized net income was 24 agorot per share, a decline of 78.0% from 1.07 shekels per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 22.2 million shekels, a decline of 77.9% from 100.1 million shekels in the prior-year period.

The normalized profit margin declined to 2.5% from 13.0% in the year-earlier period.

Total revenue increased 16.8% on an annual basis to 898.2 million shekels from 768.9 million shekels, and total operating expenses increased 20.2% from the prior-year period to 781.1 million shekels from 650.0 million shekels.

Reported net income declined 87.1% year over year to 15.0 million shekels, or 16 agorot per share, from 116.6 million shekels, or 1.25 shekels per share.

As of Aug. 4, US$1 was equivalent to 3.83 shekels.