Fox-Wizel Ltd. said its first-quarter normalized net income amounted to 4 agorot per share, a decline of 85.1% from 27 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 520,880 shekels, a decline of 85.7% from 3.6 million shekels in the prior-year period.

The normalized profit margin fell to 0.1% from 1.6% in the year-earlier period.

Total revenue increased 40.9% year over year to 317.3 million shekels from 225.2 million shekels, and total operating expenses increased 43.4% from the prior-year period to 319.5 million shekels from 222.8 million shekels.

Reported net income decreased 79.7% on an annual basis to 1.0 million shekels, or 8 agorot per share, from 5.0 million shekels, or 38 agorot per share.

As of May 28, US$1 was equivalent to 3.87 shekels.