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Hachsharat Hayishuv Hotels swings to loss in Q2

Hachsharat Hayishuv Hotels Ltd. said its second-quarter normalized net income came to a loss of 10,000 shekels, compared with income of 923,750 shekels in the year-earlier period.

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

The normalized profit margin declined to negative 0.0% from 1.0% in the year-earlier period.

Total revenue fell on an annual basis to 86.8 million shekels from 90.1 million shekels, and total operating expenses came to 85.0 million shekels, compared with 85.7 million shekels in the prior-year period.

Reported net income decreased 75.6% year over year to 854,000 shekels, or 4 agorot per share, from 3.5 million shekels, or 16 agorot per share.

As of Aug. 25, US$1 was equivalent to 3.76 shekels.