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Willi-Food Investments swings to profit in Q2

Willi-Food Investments Ltd. said its normalized net income for the second quarter was 27 agorot per share, compared with a loss of 1 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 3.5 million shekels, compared with a loss of 185,880 shekels in the prior-year period.

The normalized profit margin increased to 4.6% from negative 0.3% in the year-earlier period.

Total revenue increased 7.6% on an annual basis to 76.7 million shekels from 71.3 million shekels, and total operating expenses climbed from the prior-year period to 69.0 million shekels from 68.3 million shekels.

Reported net income totaled 4.6 million shekels, or 35 agorot per share, compared to a loss of 263,540 shekels, or a loss of 2 agorot per share, in the prior-year period.

As of Aug. 15, US$1 was equivalent to 3.80 shekels.