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YZ Queenco Q1 loss widens 85.1% YOY

Y.Z. Queenco Ltd. said its normalized net income for the first quarter was a loss of 57 agorot per share, compared with a loss of 29 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 16.8 million shekels, compared with a loss of 9.1 million shekels in the prior-year period.

The normalized profit margin dropped to negative 149.0% from negative 70.0% in the year-earlier period.

Total revenue fell 13.1% on an annual basis to 11.3 million shekels from 13.0 million shekels, and total operating expenses decreased 35.9% year over year to 18.7 million shekels from 29.2 million shekels.

Reported net income came to a loss of 20.8 million shekels, or a loss of 70 agorot per share, compared to a loss of 15.6 million shekels, or a loss of 50 agorot per share, in the prior-year period.

As of May 29, US$1 was equivalent to 3.87 shekels.