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B Yair swings to profit in Q2

B.Yair Building Corp. 1988 Ltd. said its second-quarter normalized net income was 1.50 shekels per share, compared with a loss of 17 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 9.7 million shekels, compared with a loss of 1.0 million shekels in the prior-year period.

The normalized profit margin climbed to 7.8% from negative 2.2% in the year-earlier period.

Total revenue increased on an annual basis to 124.1 million shekels from 47.4 million shekels, and total operating expenses increased from the prior-year period to 103.8 million shekels from 43.2 million shekels.

Reported net income came to 11.4 million shekels, or 1.76 shekels per share, compared to a loss of 832,160 shekels, or a loss of 14 agorot per share, in the year-earlier period.

As of Aug. 31, US$1 was equivalent to 3.78 shekels.