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Carmit Candy Industries Q1 profit falls YOY

Carmit Candy Industries Ltd. said its normalized net income for the first quarter was 2 agorot per share, a decrease of 59.7% from 5 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 104,380 shekels, a decrease of 59.7% from 258,750 shekels in the prior-year period.

The normalized profit margin dropped to 0.3% from 0.8% in the year-earlier period.

Total revenue rose year over year to 32.2 million shekels from 31.0 million shekels, and total operating expenses increased from the prior-year period to 31.5 million shekels from 30.5 million shekels.

Reported net income decreased 58.7% from the prior-year period to 129,000 shekels, or 2 agorot per share, from 312,000 shekels, or 6 agorot per share.

As of May 27, US$1 was equivalent to 3.88 shekels.