Azorim Investment Development & Construction Co. Ltd. said its normalized net income for the first quarter amounted to 10 agorot per share, a gain from 2 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 19.9 million shekels, a gain from 5.8 million shekels in the year-earlier period.

The normalized profit margin rose to 9.1% from 7.0% in the year-earlier period.

Total revenue climbed on an annual basis to 306.0 million shekels from 83.5 million shekels, and total operating expenses increased on an annual basis to 267.1 million shekels from 67.8 million shekels.

Reported net income increased on an annual basis to 20.3 million shekels, or 10 agorot per share, from 9.4 million shekels, or 4 agorot per share.

As of May 26, US$1 was equivalent to 3.83 shekels.