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E Schnapp & Co. Works Q4 profit climbs 46.6% YOY

E. Schnapp & Co. Works Ltd. said its normalized net income for the fourth quarter amounted to 52 agorot per share, an increase of 47.4% from 35 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 6.5 million shekels, a gain of 46.6% from 4.4 million shekels in the prior-year period.

The normalized profit margin climbed to 5.6% from 4.5% in the year-earlier period.

Total revenue climbed 16.2% year over year to 115.3 million shekels from 99.2 million shekels, and total operating expenses grew 13.5% on an annual basis to 99.3 million shekels from 87.5 million shekels.

Reported net income grew 66.5% on an annual basis to 9.8 million shekels, or 78 agorot per share, from 5.9 million shekels, or 47 agorot per share.

For the year, the company's normalized net income totaled 1.47 shekels per share, an increase of 31.2% from 1.12 shekels per share in the prior year.

Normalized net income was 18.7 million shekels, a gain of 31.2% from 14.2 million shekels in the prior year.

Full-year total revenue grew 10.5% on an annual basis to 390.7 million shekels from 353.6 million shekels, and total operating expenses rose 8.8% on an annual basis to 344.4 million shekels from 316.5 million shekels.

The company said reported net income rose 30.2% year over year to 23.1 million shekels, or 1.82 shekels per share, in the full year, from 17.7 million shekels, or 1.40 shekels per share.

As of March 29, US$1 was equivalent to 3.82 shekels.