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Strauss Group Q2 profit climbs 71.4% YOY

Strauss Group Ltd. said its normalized net income for the second quarter amounted to 57 agorot per share, a gain of 78.6% from 32 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 60.6 million shekels, a gain of 71.4% from 35.4 million shekels in the year-earlier period.

The normalized profit margin increased to 4.8% from 2.9% in the year-earlier period.

Total revenue grew 5.4% year over year to 1.27 billion shekels from 1.21 billion shekels, and total operating expenses rose from the prior-year period to 1.15 billion shekels from 1.10 billion shekels.

Reported net income rose 32.7% from the prior-year period to 69.0 million shekels, or 65 agorot per share, from 52.0 million shekels, or 47 agorot per share.

As of Aug. 18, US$1 was equivalent to 3.77 shekels.