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E Schnapp & Co. Works Q3 profit falls YOY

E. Schnapp & Co. Works Ltd. said its normalized net income for the third quarter amounted to 34 agorot per share, a decrease of 13.2% from 39 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 4.3 million shekels, a decline of 14.2% from 5.0 million shekels in the year-earlier period.

The normalized profit margin dropped to 4.2% from 5.1% in the year-earlier period.

Total revenue climbed on an annual basis to 100.8 million shekels from 98.6 million shekels, and total operating expenses grew year over year to 89.7 million shekels from 86.1 million shekels.

Reported net income increased 27.9% on an annual basis to 5.6 million shekels, or 44 agorot per share, from 4.3 million shekels, or 34 agorot per share.

As of Oct. 28, US$1 was equivalent to 3.85 shekels.