Ralco Agencies Ltd. said its normalized net income for the first quarter came to 50 agorot per share, a decline of 5.9% from 53 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 2.0 million shekels, a decline of 8.7% from 2.1 million shekels in the year-earlier period.

The normalized profit margin declined to 3.6% from 3.9% in the year-earlier period.

Total revenue came to 55.2 million shekels, compared with 55.4 million shekels in the year-earlier period, and total operating expenses came to 50.0 million shekels, compared with 50.1 million shekels in the year-earlier period.

Reported net income decreased 6.3% on an annual basis to 2.3 million shekels, or 57 agorot per share, from 2.4 million shekels, or 59 agorot per share.

As of May 29, US$1 was equivalent to 3.87 shekels.