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Dan Hotels swings to profit in Q3

Dan Hotels Ltd said its normalized net income for the third quarter came to 22 agorot per share, compared with a loss of 3 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 21.2 million shekels, compared with a loss of 3.0 million shekels in the year-earlier period.

The normalized profit margin climbed to 6.8% from negative 1.2% in the year-earlier period.

Total revenue climbed 19.7% on an annual basis to 313.0 million shekels from 261.5 million shekels, and total operating expenses increased 10.0% from the prior-year period to 265.8 million shekels from 241.7 million shekels.

Reported net income totaled 24.4 million shekels, or 25 agorot per share, compared to a loss of 4.5 million shekels, or a loss of 5 agorot per share, in the prior-year period.

As of Nov. 24, US$1 was equivalent to 3.86 shekels.