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Babylon Ltd. Q1 profit falls YOY

Babylon Ltd. said its normalized net income for the first quarter came to 86,880 shekels, a decline of 98.4% from 5.3 million shekels in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to 2.5% from 48.9% in the year-earlier period.

Total revenue fell 67.8% year over year to 3.5 million shekels from 10.8 million shekels, and total operating expenses climbed 63.6% from the prior-year period to 3.6 million shekels from 2.2 million shekels.

Reported net income decreased 98.1% year over year to 139,000 shekels, or 0 agorot per share, from 7.4 million shekels, or 14 agorot per share.

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