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Hachsharat Hayishuv Hotels Q1 loss narrows YOY

Hachsharat Hayishuv Hotels Ltd. said its normalized net income for the first quarter was a loss of 39 agorot per share, compared with a loss of 42 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 8.8 million shekels, compared with a loss of 9.4 million shekels in the year-earlier period.

The normalized profit margin rose to negative 14.1% from negative 14.9% in the year-earlier period.

Total revenue decreased year over year to 62.1 million shekels from 63.0 million shekels, and total operating expenses fell from the prior-year period to 75.3 million shekels from 76.9 million shekels.

Reported net income came to a loss of 9.8 million shekels, or a loss of 44 agorot per share, compared to income of 41.2 million shekels, or 1.84 shekels per share, in the prior-year period.

As of May 26, US$1 was equivalent to 3.83 shekels.