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Carmit Candy Industries Q3 profit falls YOY

Carmit Candy Industries Ltd. said its normalized net income for the third quarter was 6 agorot per share, a decline of 63.0% from 17 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 351,250 shekels, a decline of 63.0% from 950,000 shekels in the year-earlier period.

The normalized profit margin fell to 1.0% from 3.0% in the year-earlier period.

Total revenue increased 9.7% on an annual basis to 34.8 million shekels from 31.7 million shekels, and total operating expenses increased 11.2% on an annual basis to 33.4 million shekels from 30.0 million shekels.

Reported net income fell 59.2% from the prior-year period to 421,000 shekels, or 8 agorot per share, from 1.0 million shekels, or 19 agorot per share.

As of Nov. 29, US$1 was equivalent to 3.84 shekels.