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STG International swings to loss in Q1

STG International Ltd. said its normalized net income for the first quarter amounted to a loss of 7 agorot per share, compared with 15 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 309,380 shekels, compared with income of 653,750 shekels in the prior-year period.

The normalized profit margin dropped to negative 1.7% from 2.8% in the year-earlier period.

Total revenue decreased 22.2% on an annual basis to 18.4 million shekels from 23.6 million shekels, and total operating expenses decreased 17.4% from the prior-year period to 19.2 million shekels from 23.2 million shekels.

Reported net income came to a loss of 419,000 shekels, or a loss of 10 agorot per share, compared to income of 1.1 million shekels, or 25 agorot per share, in the year-earlier period.

As of May 11, US$1 was equivalent to 3.75 shekels.