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Gan Shmuel Foods Q2 profit falls YOY

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Gan Shmuel Foods Q2 profit falls YOY

Gan Shmuel Foods Ltd. said its normalized net income for the second quarter came to 13 cents per share, a decline of 31.7% from 19 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.9 million, a decline of 30.9% from $2.8 million in the year-earlier period.

The normalized profit margin declined to 3.3% from 4.2% in the year-earlier period.

Total revenue fell 13.5% year over year to $57.8 million from $66.8 million, and total operating expenses decreased 12.0% year over year to $54.4 million from $61.8 million.

Reported net income declined 51.2% year over year to $2.1 million, or 14 cents per share, from $4.3 million, or 29 cents per share.