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Golf & Co. swings to loss in Q3

Golf & Co Ltd. said its third-quarter normalized net income came to a loss of 9 agorot per share, compared with 5 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 3.6 million shekels, compared with income of 2.1 million shekels in the prior-year period.

The normalized profit margin fell to negative 1.7% from 1.2% in the year-earlier period.

Total revenue climbed 14.8% year over year to 209.3 million shekels from 182.3 million shekels, and total operating expenses grew 18.8% from the prior-year period to 213.6 million shekels from 179.8 million shekels.

Reported net income came to a loss of 5.3 million shekels, or a loss of 13 agorot per share, compared to income of 2.8 million shekels, or 7 agorot per share, in the prior-year period.

As of Nov. 20, US$1 was equivalent to 3.88 shekels.