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E Schnapp & Co. Works Q2 profit falls YOY

E. Schnapp & Co. Works Ltd. said its second-quarter normalized net income came to 26 agorot per share, a decline of 18.5% from 32 agorot per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.2 million shekels, a decrease of 20.0% from 4.1 million shekels in the prior-year period.

The normalized profit margin fell to 3.7% from 4.6% in the year-earlier period.

Total revenue totaled 88.2 million shekels, compared with 88.5 million shekels in the year-earlier period, and total operating expenses rose year over year to 79.5 million shekels from 78.4 million shekels.

Reported net income declined 21.4% year over year to 4.0 million shekels, or 32 agorot per share, from 5.1 million shekels, or 40 agorot per share.

As of Aug. 25, US$1 was equivalent to 3.76 shekels.