Shalag Industries Ltd. said its first-quarter normalized net income amounted to 13 agorot per share, a decline of 36.6% from 20 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 4.4 million shekels, a decline of 35.9% from 6.9 million shekels in the year-earlier period.
The normalized profit margin dropped to 3.4% from 5.9% in the year-earlier period.
Total revenue grew 11.8% year over year to 131.0 million shekels from 117.2 million shekels, and total operating expenses grew 11.7% on an annual basis to 116.1 million shekels from 104.0 million shekels.
Reported net income decreased 55.6% from the prior-year period to 4.3 million shekels, or 12 agorot per share, from 9.7 million shekels, or 28 agorot per share.
As of May 28, US$1 was equivalent to 3.87 shekels.