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Delek Automotive Systems Q3 profit falls YOY

Delek Automotive Systems Ltd. said its normalized net income for the third quarter came to 52 agorot per share, a decline of 78.7% from 2.46 shekels per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 48.5 million shekels, a decline of 78.8% from 229.4 million shekels in the year-earlier period.

The normalized profit margin dropped to 6.3% from 25.2% in the year-earlier period.

Total revenue fell 14.5% year over year to 776.3 million shekels from 908.5 million shekels, and total operating expenses fell 17.5% year over year to 643.9 million shekels from 780.4 million shekels.

Reported net income fell 79.0% from the prior-year period to 56.5 million shekels, or 61 agorot per share, from 269.0 million shekels, or 2.89 shekels per share.

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