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YZ Queenco Q1 loss narrows YOY

Y.Z. Queenco Ltd. said its first-quarter normalized net income came to a loss of 16 agorot per share, compared with a loss of 57 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 a loss of 4.7 million shekels, compared with a loss of 16.8 million shekels in the prior-year period.

The normalized profit margin climbed to negative 37.5% from negative 149.0% in the year-earlier period.

Total revenue climbed 10.7% year over year to 12.5 million shekels from 11.3 million shekels, and total operating expenses increased on an annual basis to 19.1 million shekels from 18.7 million shekels.

Reported net income totaled a loss of 8.8 million shekels, or a loss of 30 agorot per share, compared to a loss of 20.8 million shekels, or a loss of 70 agorot per share, in the year-earlier period.

As of May 30, US$1 was equivalent to 3.85 shekels.