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Neto M.E Holdings Q2 profit climbs 56.9% YOY

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Neto M.E Holdings Q2 profit climbs 56.9% YOY

Neto M.E Holdings Ltd. said its second-quarter normalized net income came to 4.26 shekels per share, a gain of 56.9% from 2.71 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 14.5 million shekels, an increase of 56.9% from 9.3 million shekels in the prior-year period.

The normalized profit margin rose to 2.5% from 1.6% in the year-earlier period.

Total revenue came to 584.9 million shekels, compared with 582.0 million shekels in the year-earlier period, and total operating expenses came to 565.6 million shekels, compared with 562.7 million shekels in the prior-year period.

Reported net income increased 49.0% from the prior-year period to 19.9 million shekels, or 5.83 shekels per share, from 13.3 million shekels, or 3.91 shekels per share.

As of Aug. 20, US$1 was equivalent to 3.87 shekels.