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Electra Consumer Products swings to profit in Q1

Electra Consumer Products (1970) Ltd. said its normalized net income for the first quarter amounted to 26 agorot per share, compared with a loss of 60 agorot per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 5.7 million shekels, compared with a loss of 13.1 million shekels in the prior-year period.

The normalized profit margin climbed to 1.0% from negative 2.1% in the year-earlier period.

Total revenue grew 5.3% on an annual basis to 640.6 million shekels from 608.5 million shekels, and total operating expenses came to 628.9 million shekels, compared with 626.5 million shekels in the prior-year period.

Reported net income totaled 6.2 million shekels, or 29 agorot per share, compared to a loss of 3.4 million shekels, or a loss of 16 agorot per share, in the prior-year period.

As of May 15, US$1 was equivalent to 3.81 shekels.