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Spring Ventures Q1 loss widens YOY

Spring Ventures Ltd. said its normalized net income for the first quarter amounted to a loss of 25 agorot per share, compared with a loss of 14 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 a loss of 1.9 million shekels, compared with a loss of 761,250 shekels in the year-earlier period.

The normalized profit margin dropped to negative 53.5% from negative 22.1% in the year-earlier period.

Total revenue climbed year over year to 3.5 million shekels from 3.5 million shekels, and total operating expenses increased 33.8% on an annual basis to 6.2 million shekels from 4.6 million shekels.

Reported net income totaled a loss of 3.0 million shekels, or a loss of 40 agorot per share, compared to a loss of 1.2 million shekels, or a loss of 22 agorot per share, in the year-earlier period.

As of May 31, US$1 was equivalent to 3.85 shekels.