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E Schnapp & Co. Works Q1 profit climbs 16.7% YOY

E. Schnapp & Co. Works Ltd. said its first-quarter normalized net income was 25 agorot per share, an increase of 16.6% from 21 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 3.1 million shekels, an increase of 16.7% from 2.7 million shekels in the year-earlier period.

The normalized profit margin climbed to 3.5% from 3.4% in the year-earlier period.

Total revenue rose 11.8% on an annual basis to 88.2 million shekels from 78.9 million shekels, and total operating expenses grew 12.3% from the prior-year period to 80.6 million shekels from 71.7 million shekels.

Reported net income increased 20.1% year over year to 3.8 million shekels, or 30 agorot per share, from 3.1 million shekels, or 25 agorot per share.

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