Albaad Massuot Yitzhak Ltd. said its third-quarter normalized net income was 1.09 shekels per share, a decline of 22.1% from 1.41 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 11.5 million shekels, a decline of 22.5% from 14.8 million shekels in the year-earlier period.

The normalized profit margin dropped to 3.1% from 3.9% in the year-earlier period.

Total revenue totaled 375.4 million shekels, compared with 376.4 million shekels in the prior-year period, and total operating expenses rose from the prior-year period to 359.6 million shekels from 353.3 million shekels.

Reported net income declined 34.5% year over year to 12.7 million shekels, or 1.20 shekels per share, from 19.3 million shekels, or 1.83 shekels per share.

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