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Carmit Candy Industries Q3 profit falls YOY

Carmit Candy Industries Ltd. said its normalized net income for the third quarter came to 17 agorot per share, a decrease of 69.0% from 55 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 950,000 shekels, a decrease of 69.0% from 3.1 million shekels in the year-earlier period.

The normalized profit margin fell to 3.0% from 11.0% in the year-earlier period.

Total revenue climbed 13.6% year over year to 31.7 million shekels from 27.9 million shekels, and total operating expenses increased 32.2% from the prior-year period to 30.0 million shekels from 22.7 million shekels.

Reported net income declined 70.7% from the prior-year period to 1.0 million shekels, or 19 agorot per share, from 3.5 million shekels, or 63 agorot per share.

As of Nov. 25, US$1 was equivalent to 3.88 shekels.