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Cham Foods (Israel) swings to loss in Q1

Cham Foods (Israel) Ltd. said its normalized net income for the first quarter came to a loss of $246,880, compared with income of $243,750 in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 7.1% from 6.5% in the year-earlier period.

Total revenue declined 6.8% on an annual basis to $3.5 million from $3.8 million, and total operating expenses fell 5.4% year over year to $3.5 million from $3.8 million.

Reported net income came to a loss of $446,000, or a loss of 2 cents per share, compared to income of $329,000, or 1 cents per share, in the year-earlier period.