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Shemen Industries Q3 profit falls YOY

Shemen Industries Ltd. said its normalized net income for the third quarter came to 5 agorot per share, a decrease of 96.3% from 1.45 shekels per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.2 million shekels, a decline of 95.3% from 24.9 million shekels in the year-earlier period.

The normalized profit margin dropped to 0.8% from 15.5% in the year-earlier period.

Total revenue declined 13.1% year over year to 140.2 million shekels from 161.5 million shekels, and total operating expenses fell 13.4% from the prior-year period to 134.7 million shekels from 155.6 million shekels.

Reported net income declined 95.3% from the prior-year period to 1.4 million shekels, or 6 agorot per share, from 29.3 million shekels, or 1.70 shekels per share.

As of Nov. 23, US$1 was equivalent to 3.88 shekels.