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Carasso Motors Q2 profit climbs 91.1% YOY

Carasso Motors Ltd. said its second-quarter normalized net income was 77 agorot per share, an increase of 89.9% from 41 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 51.0 million shekels, a gain of 91.1% from 26.7 million shekels in the prior-year period.

The normalized profit margin rose to 5.4% from 3.3% in the year-earlier period.

Total revenue grew 23.9% on an annual basis to 989.7 million shekels from 799.0 million shekels, and total operating expenses grew 17.0% from the prior-year period to 898.5 million shekels from 767.7 million shekels.

Reported net income increased 57.5% on an annual basis to 62.0 million shekels, or 94 agorot per share, from 39.3 million shekels, or 60 agorot per share.

As of Aug. 19, US$1 was equivalent to 3.76 shekels.