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Maytronics Q2 profit climbs 15.2% YOY

Maytronics Ltd. said its normalized net income for the second quarter came to 23 agorot per share, an increase of 15.6% from 20 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 24.4 million shekels, a gain of 15.2% from 21.2 million shekels in the year-earlier period.

The normalized profit margin fell to 13.6% from 14.8% in the year-earlier period.

Total revenue rose 25.8% on an annual basis to 179.7 million shekels from 142.8 million shekels, and total operating expenses climbed 26.5% on an annual basis to 132.6 million shekels from 104.8 million shekels.

Reported net income rose 6.6% year over year to 31.9 million shekels, or 30 agorot per share, from 30.0 million shekels, or 28 agorot per share.

As of Aug. 17, US$1 was equivalent to 3.82 shekels.