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Maabarot Products Q3 profit climbs 54.3% YOY

Maabarot Products Ltd. said its normalized net income for the third quarter came to 91 agorot per share, a gain of 52.9% from 60 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 9.0 million shekels, an increase of 54.3% from 5.8 million shekels in the prior-year period.

The normalized profit margin climbed to 11.4% from 6.6% in the year-earlier period.

Total revenue decreased 10.6% on an annual basis to 78.4 million shekels from 87.7 million shekels, and total operating expenses declined 13.3% from the prior-year period to 73.1 million shekels from 84.3 million shekels.

Reported net income increased 37.3% on an annual basis to 8.2 million shekels, or 83 agorot per share, from 6.0 million shekels, or 61 agorot per share.

As of Nov. 24, US$1 was equivalent to 3.86 shekels.