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Neto M.E Holdings Q1 profit falls YOY

Neto M.E Holdings Ltd. said its normalized net income for the first quarter came to 4.20 shekels per share, a decline of 14.5% from 4.91 shekels per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 14.3 million shekels, a decrease of 14.4% from 16.7 million shekels in the prior-year period.

The normalized profit margin declined to 2.3% from 2.6% in the year-earlier period.

Total revenue fell year over year to 627.7 million shekels from 645.4 million shekels, and total operating expenses fell year over year to 601.7 million shekels from 614.0 million shekels.

Reported net income declined 6.3% year over year to 20.8 million shekels, or 6.10 shekels per share, from 22.2 million shekels, or 6.52 shekels per share.

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