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Maabarot Products swings to profit in Q2

Maabarot Products Ltd. said its normalized net income for the second quarter amounted to 50 agorot per share, compared with a loss of 39 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 5.0 million shekels, compared with a loss of 3.8 million shekels in the prior-year period.

The normalized profit margin climbed to 0.3% from negative 4.9% in the year-earlier period.

Total revenue increased year over year to 80.3 million shekels from 78.6 million shekels, and total operating expenses declined on an annual basis to 76.2 million shekels from 77.6 million shekels.

Reported net income came to 4.9 million shekels, or 50 agorot per share, compared to a loss of 7.0 million shekels, or a loss of 71 agorot per share, in the year-earlier period.

As of Aug. 30, US$1 was equivalent to 3.79 shekels.