Carasso Motors Ltd. said its first-quarter normalized net income amounted to 92 agorot per share, an increase from 40 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 60.3 million shekels, an increase from 26.8 million shekels in the year-earlier period.

The normalized profit margin increased to 6.2% from 3.1% in the year-earlier period.

Total revenue rose 12.1% on an annual basis to 970.6 million shekels from 865.8 million shekels, and total operating expenses climbed 10.6% from the prior-year period to 856.5 million shekels from 774.1 million shekels.

Reported net income increased year over year to 70.2 million shekels, or 1.07 shekels per share, from 31.1 million shekels, or 46 agorot per share.

As of May 31, US$1 was equivalent to 3.85 shekels.