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Salomon A. Angel swings to loss in Q1

Salomon A. Angel Ltd. said its first-quarter normalized net income amounted to a loss of 26 agorot per share, compared with 34 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 1.3 million shekels, compared with income of 1.8 million shekels in the prior-year period.

The normalized profit margin declined to negative 1.0% from 1.2% in the year-earlier period.

Total revenue decreased on an annual basis to 136.3 million shekels from 142.3 million shekels, and total operating expenses totaled 139.1 million shekels, compared with 137.9 million shekels in the year-earlier period.

Reported net income came to a loss of 2.4 million shekels, or a loss of 47 agorot per share, compared to income of 1.6 million shekels, or 30 agorot per share, in the prior-year period.

As of May 28, US$1 was equivalent to 3.87 shekels.