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Azorim swings to profit in Q1

Azorim Investment Development & Construction Co. Ltd. said its first-quarter normalized net income amounted to 2 agorot per share, compared with a loss of 7 agorot per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 5.8 million shekels, compared with a loss of 14.5 million shekels in the year-earlier period.

The normalized profit margin rose to 7.0% from negative 39.3% in the year-earlier period.

Total revenue rose year over year to 83.5 million shekels from 36.9 million shekels, and total operating expenses grew 35.6% year over year to 67.8 million shekels from 50.0 million shekels.

Reported net income totaled 9.4 million shekels, or 4 agorot per share, compared to a loss of 18.1 million shekels, or a loss of 9 agorot per share, in the prior-year period.

As of May 28, US$1 was equivalent to 3.87 shekels.