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Ituran Drops to Six-Month Low as Net Income Plunges 21 Percent

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May 30 (Bloomberg) -- Ituran Location and Control Ltd. dropped to its lowest intraday level in more than six months after the maker of systems for locating stolen vehicles said net income for the quarter dropped 21 percent.

The stock fell 5.5 percent to 45.91 shekels, the lowest level since Nov. 28 at 4:05 p.m. in Tel Aviv, bringing the market value to 963 million shekels ($248 million).

The company said net income dropped to $5.1 million in the first quarter of the year from $6.48 million in the year earlier period.

To contact the reporter on this story: Shoshanna Solomon in Tel Aviv at ssolomon22@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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