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Netanel Group Q1 profit climbs YOY

Netanel Group Ltd. said its normalized net income for the first quarter amounted to 56 agorot per share, an increase from 3 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 15.8 million shekels, a gain from 635,630 shekels in the year-earlier period.

The normalized profit margin climbed to 21.3% from 6.0% in the year-earlier period.

Total revenue increased on an annual basis to 74.2 million shekels from 10.6 million shekels, and total operating expenses grew on an annual basis to 46.2 million shekels from 8.1 million shekels.

Reported net income increased year over year to 18.5 million shekels, or 65 agorot per share, from 204,000 shekels, or 1 agorot per share.

As of May 29, US$1 was equivalent to 3.87 shekels.