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Brill Shoe Industries swings to profit in Q3

Brill Shoe Industries Ltd. said its normalized net income for the third quarter was 40 agorot per share, compared with a loss of 40 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 2.4 million shekels, compared with a loss of 2.3 million shekels in the year-earlier period.

The normalized profit margin increased to 1.0% from negative 1.5% in the year-earlier period.

Total revenue increased 8.1% year over year to 161.2 million shekels from 149.1 million shekels, and total operating expenses rose from the prior-year period to 155.3 million shekels from 149.5 million shekels.

Reported net income rose on an annual basis to 2.5 million shekels, or 42 agorot per share, from 800,000 shekels, or 14 agorot per share.

As of Nov. 26, US$1 was equivalent to 3.88 shekels.