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B Communications swings to loss in Q1

B Communications Ltd. said its first-quarter normalized net income amounted to a loss of 25 agorot per share, compared with 25 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 7.4 million shekels, compared with income of 7.6 million shekels in the year-earlier period.

The normalized profit margin fell to negative 0.3% from 0.4% in the year-earlier period.

Total revenue rose 17.7% year over year to 2.56 billion shekels from 2.17 billion shekels, and total operating expenses climbed 25.0% year over year to 2.08 billion shekels from 1.67 billion shekels.

Reported net income totaled a loss of 23.0 million shekels, or a loss of 77 agorot per share, compared to income of 48.0 million shekels, or 1.57 shekels per share, in the year-earlier period.

As of May 26, US$1 was equivalent to 3.83 shekels.