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Azorim swings to profit in Q3

Azorim Investment Development & Construction Co. Ltd. said its third-quarter normalized net income was 2 agorot per share, compared with a loss of 6 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 3.9 million shekels, compared with a loss of 12.7 million shekels in the year-earlier period.

The normalized profit margin climbed to 4.3% from negative 35.8% in the year-earlier period.

Total revenue rose year over year to 91.1 million shekels from 35.5 million shekels, and total operating expenses climbed 77.4% from the prior-year period to 69.3 million shekels from 39.1 million shekels.

Reported net income came to 1.0 million shekels, or 1 agorot per share, compared to a loss of 19.5 million shekels, or a loss of 9 agorot per share, in the prior-year period.

As of Nov. 20, US$1 was equivalent to 3.88 shekels.