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YZ Queenco Q2 loss narrows YOY

Y.Z. Queenco Ltd. said its second-quarter normalized net income came to a loss of 2 agorot per share, compared with a loss of 30 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 a loss of 632,880 shekels, compared with a loss of 8.5 million shekels in the year-earlier period.

The normalized profit margin rose to negative 3.4% from negative 45.6% in the year-earlier period.

Total revenue climbed year over year to 18.9 million shekels from 18.6 million shekels, and total operating expenses declined 11.1% on an annual basis to 19.6 million shekels from 22.1 million shekels.

Reported net income came to a loss of 1.2 million shekels, or a loss of 4 agorot per share, compared to a loss of 13.7 million shekels, or a loss of 48 agorot per share, in the prior-year period.

As of Aug. 22, US$1 was equivalent to 3.78 shekels.