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Argaman Industries Q2 loss narrows YOY

Argaman Industries Ltd. said its normalized net income for the second quarter amounted to a loss of 2 agorot per share, compared with a loss of 4 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 276,500 shekels, compared with a loss of 634,250 shekels in the prior-year period.

The normalized profit margin climbed to negative 1.3% from negative 3.3% in the year-earlier period.

Total revenue increased 7.0% year over year to 20.7 million shekels from 19.4 million shekels, and total operating expenses climbed from the prior-year period to 19.9 million shekels from 19.1 million shekels.

Reported net income came to a loss of 422,000 shekels, or a loss of 3 agorot per share, compared to a loss of 1.0 million shekels, or a loss of 7 agorot per share, in the year-earlier period.

As of Aug. 18, US$1 was equivalent to 3.77 shekels.