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Algomizer Q1 loss widens 53.8% YOY

Algomizer Ltd said its first-quarter normalized net income came to a loss of 17 agorot per share, compared with a loss of 14 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 a loss of 2.4 million shekels, compared with a loss of 1.6 million shekels in the year-earlier period.

Total revenue fell on an annual basis to 215,000 shekels from 226,000 shekels, and total operating expenses increased 49.1% year over year to 4.0 million shekels from 2.7 million shekels.

Reported net income came to a loss of 3.8 million shekels, or a loss of 27 agorot per share, compared to a loss of 2.5 million shekels, or a loss of 22 agorot per share, in the year-earlier period.

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