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Carasso Motors Q4 profit climbs 66.3% YOY

Carasso Motors Ltd. said its normalized net income for the fourth quarter came to 64 agorot per share, an increase of 63.7% from 39 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 43.7 million shekels, a gain of 66.3% from 26.3 million shekels in the year-earlier period.

The normalized profit margin climbed to 4.8% from 3.2% in the year-earlier period.

Total revenue increased 13.7% year over year to 922.6 million shekels from 811.1 million shekels, and total operating expenses climbed 9.1% on an annual basis to 857.2 million shekels from 785.5 million shekels.

Reported net income increased 80.8% on an annual basis to 50.0 million shekels, or 73 agorot per share, from 27.6 million shekels, or 41 agorot per share.

For the year, the company's normalized net income totaled 2.39 shekels per share, a gain of 58.2% from 1.51 shekels per share in the prior year.

Normalized net income was 160.1 million shekels, an increase of 58.4% from 101.1 million shekels in the prior year.

Full-year total revenue rose 20.8% year over year to 3.48 billion shekels from 2.88 billion shekels, and total operating expenses increased 16.9% year over year to 3.16 billion shekels from 2.71 billion shekels.

The company said reported net income rose 68.8% year over year to 194.0 million shekels, or 2.90 shekels per share, in the full year, from 114.9 million shekels, or 1.72 shekels per share.

As of March 28, US$1 was equivalent to 3.83 shekels.