Maabarot Products Ltd. said its third-quarter normalized net income was 56 agorot per share, a decline of 38.2% from 91 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 5.5 million shekels, a decrease of 38.1% from 9.0 million shekels in the prior-year period.

The normalized profit margin fell to 0.5% from 11.4% in the year-earlier period.

Total revenue grew 7.9% year over year to 84.6 million shekels from 78.4 million shekels, and total operating expenses rose 9.4% on an annual basis to 80.0 million shekels from 73.1 million shekels.

Reported net income declined 31.2% from the prior-year period to 5.6 million shekels, or 57 agorot per share, from 8.2 million shekels, or 83 agorot per share.

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