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Isrotel Q3 profit climbs 59.1% YOY

Isrotel Ltd. said its normalized net income for the third quarter amounted to 86 agorot per share, an increase of 59.9% from 53 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 44.4 million shekels, an increase of 59.1% from 27.9 million shekels in the prior-year period.

The normalized profit margin rose to 11.7% from 8.3% in the year-earlier period.

Total revenue grew 12.6% on an annual basis to 380.3 million shekels from 337.9 million shekels, and total operating expenses climbed 5.9% on an annual basis to 302.2 million shekels from 285.3 million shekels.

Reported net income increased 51.3% on an annual basis to 57.6 million shekels, or 1.11 shekels per share, from 38.1 million shekels, or 73 agorot per share.

As of Nov. 26, US$1 was equivalent to 3.88 shekels.