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Prior-Tech Q1 loss narrows YOY

Priortech Ltd said its first-quarter normalized net income was a loss of 32 agorot per share, compared with a loss of 38 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 2.7 million shekels, compared with a loss of 4.1 million shekels in the prior-year period.

The normalized profit margin climbed to negative 0.8% from negative 2.4% in the year-earlier period.

Total revenue climbed on an annual basis to 172.6 million shekels from 168.9 million shekels, and total operating expenses climbed year over year to 175.4 million shekels from 168.0 million shekels.

Reported net income came to a loss of 6.0 million shekels, or a loss of 72 agorot per share, compared to a loss of 8.1 million shekels, or a loss of 75 agorot per share, in the prior-year period.

As of May 31, US$1 was equivalent to 3.85 shekels.