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Delek Automotive Systems Q3 profit climbs 35.2% YOY

Delek Automotive Systems Ltd. said its normalized net income for the third quarter came to 70 agorot per share, a gain of 34.1% from 52 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 65.6 million shekels, an increase of 35.2% from 48.5 million shekels in the prior-year period.

The normalized profit margin climbed to 8.3% from 6.3% in the year-earlier period.

Total revenue increased 6.2% on an annual basis to 824.7 million shekels from 776.3 million shekels, and total operating expenses grew 13.3% year over year to 729.6 million shekels from 643.9 million shekels.

Reported net income rose 40.5% year over year to 79.4 million shekels, or 85 agorot per share, from 56.5 million shekels, or 61 agorot per share.

As of Nov. 17, US$1 was equivalent to 3.86 shekels.