Maytronics Ltd. said its normalized net income for the first quarter amounted to 22 agorot per share, compared with 22 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 24.4 million shekels, a gain from 24.2 million shekels in the prior-year period.

The normalized profit margin dropped to 17.2% from 18.7% in the year-earlier period.

Total revenue rose 9.9% on an annual basis to 141.8 million shekels from 129.1 million shekels, and total operating expenses increased 17.1% year over year to 107.6 million shekels from 92.0 million shekels.

Reported net income fell on an annual basis to 32.3 million shekels, or 30 agorot per share, from 33.2 million shekels, or 31 agorot per share.

As of May 26, US$1 was equivalent to 3.88 shekels.