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Hachsharat Hayishuv Hotels swings to profit in Q3

Hachsharat Hayishuv Hotels Ltd. said its normalized net income for the third quarter was 7 agorot per share, compared with a loss of 4 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 1.6 million shekels, compared with a loss of 933,130 shekels in the prior-year period.

The normalized profit margin rose to negative 0.6% from negative 1.1% in the year-earlier period.

Total revenue increased 12.5% year over year to 98.3 million shekels from 87.4 million shekels, and total operating expenses grew 8.9% from the prior-year period to 94.2 million shekels from 86.5 million shekels.

Reported net income totaled a loss of 684,000 shekels, or a loss of 3 agorot per share, compared to a loss of 1.5 million shekels, or a loss of 7 agorot per share, in the prior-year period.

As of Nov. 19, US$1 was equivalent to 3.88 shekels.