Castro Model Ltd. said its normalized net income for the fourth quarter came to 3.15 shekels per share, a decrease of 19.4% from 3.91 shekels per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 15.4 million shekels, a decrease of 20.8% from 19.5 million shekels in the prior-year period.

The normalized profit margin declined to 6.2% from 8.5% in the year-earlier period.

Total revenue climbed 8.3% year over year to 249.4 million shekels from 230.3 million shekels, and total operating expenses grew 11.7% year over year to 225.1 million shekels from 201.6 million shekels.

Reported net income decreased 14.4% on an annual basis to 21.6 million shekels, or 4.41 shekels per share, from 25.2 million shekels, or 5.06 shekels per share.

For the year, the company's normalized net income totaled 6.15 shekels per share, a decline of 34.6% from 9.40 shekels per share in the prior year.

Normalized net income was 31.2 million shekels, a decrease of 34.6% from 47.6 million shekels in the prior year.

Full-year total revenue increased on an annual basis to 917.4 million shekels from 875.7 million shekels, and total operating expenses rose 7.3% year over year to 865.4 million shekels from 806.3 million shekels.

The company said reported net income fell 30.5% year over year to 40.5 million shekels, or 8.00 shekels per share, in the full year, from 58.3 million shekels, or 11.51 shekels per share.

As of March 29, US$1 was equivalent to 3.82 shekels.