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Mehadrin Q2 loss narrows YOY

Mehadrin Ltd. said its second-quarter normalized net income amounted to a loss of 6.58 shekels per share, compared with a loss of 8.18 shekels 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 21.9 million shekels, compared with a loss of 27.2 million shekels in the year-earlier period.

The normalized profit margin climbed to negative 6.6% from negative 10.2% in the year-earlier period.

Total revenue grew 14.0% year over year to 303.1 million shekels from 266.0 million shekels, and total operating expenses grew 10.6% on an annual basis to 333.0 million shekels from 301.0 million shekels.

Reported net income came to a loss of 32.4 million shekels, or a loss of 9.75 shekels per share, compared to a loss of 30.7 million shekels, or a loss of 9.24 shekels per share, in the year-earlier period.

As of Aug. 7, US$1 was equivalent to 3.81 shekels.