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Electra Consumer Products Q1 profit climbs 90.5% YOY

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Electra Consumer Products Q1 profit climbs 90.5% YOY

Electra Consumer Products (1970) Ltd. said its first-quarter normalized net income was 56 agorot per share, an increase of 86.7% from 30 agorot per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 12.3 million shekels, an increase of 90.5% from 6.5 million shekels in the year-earlier period.

The normalized profit margin increased to 2.9% from 1.0% in the year-earlier period.

Total revenue decreased year over year to 629.0 million shekels from 640.6 million shekels, and total operating expenses fell from the prior-year period to 604.7 million shekels from 627.7 million shekels.

Reported net income increased from the prior-year period to 21.0 million shekels, or 95 agorot per share, from 6.2 million shekels, or 29 agorot per share.

As of May 25, US$1 was equivalent to 3.85 shekels.