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Castro Model Q3 profit falls YOY

Castro Model Ltd. said its normalized net income for the third quarter was 73 agorot per share, a decline of 64.1% from 2.03 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 4.1 million shekels, a decline of 61.4% from 10.6 million shekels in the year-earlier period.

The normalized profit margin fell to 1.7% from 4.7% in the year-earlier period.

Total revenue increased year over year to 233.4 million shekels from 226.2 million shekels, and total operating expenses rose 7.3% from the prior-year period to 226.9 million shekels from 211.5 million shekels.

Reported net income fell 62.6% on an annual basis to 4.5 million shekels, or 80 agorot per share, from 12.0 million shekels, or 2.30 shekels per share.

As of Nov. 20, US$1 was equivalent to 3.88 shekels.