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Argaman Industries Q3 loss narrows YOY

Argaman Industries Ltd. said its third-quarter normalized net income was a loss of 4 agorot per share, compared with a loss of 7 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 a loss of 554,250 shekels, compared with a loss of 999,250 shekels in the year-earlier period.

The normalized profit margin rose to negative 3.2% from negative 5.7% in the year-earlier period.

Total revenue decreased year over year to 17.3 million shekels from 17.6 million shekels, and total operating expenses held steady year over year at 17.7 million shekels.

Reported net income came to a loss of 889,000 shekels, or a loss of 6 agorot per share, compared to a loss of 1.6 million shekels, or a loss of 11 agorot per share, in the year-earlier period.

As of Nov. 28, US$1 was equivalent to 3.85 shekels.