Zanlakol Ltd. said its normalized net income for the first quarter was 23 agorot per share, an increase of 58.1% from 14 agorot per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.2 million shekels, a gain of 60.0% from 2.0 million shekels in the prior-year period.

The normalized profit margin climbed to 7.0% from 4.3% in the year-earlier period.

Total revenue declined year over year to 46.5 million shekels from 47.2 million shekels, and total operating expenses decreased 5.6% from the prior-year period to 40.5 million shekels from 42.9 million shekels.

Reported net income grew 63.6% from the prior-year period to 3.8 million shekels, or 27 agorot per share, from 2.3 million shekels, or 16 agorot per share.

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