Kerur Holdings Ltd. said its fourth-quarter normalized net income was 1.04 shekels per share, an increase from 50 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 13.1 million shekels, an increase from 6.3 million shekels in the prior-year period.

The normalized profit margin rose to 6.4% from 3.2% in the year-earlier period.

Total revenue increased 6.1% on an annual basis to 205.4 million shekels from 193.5 million shekels, and total operating expenses increased from the prior-year period to 174.9 million shekels from 172.6 million shekels.

Reported net income grew year over year to 32.5 million shekels, or 2.58 shekels per share, from 11.2 million shekels, or 89 agorot per share.

For the year, the company's normalized net income totaled 4.31 shekels per share, an increase of 27.8% from 3.37 shekels per share in the prior year.

Normalized net income was 54.2 million shekels, a rise of 27.8% from 42.4 million shekels in the prior year.

Full-year total revenue amounted to 913.0 million shekels, compared with 914.7 million shekels in the prior year, and total operating expenses fell on an annual basis to 784.6 million shekels from 793.7 million shekels.

The company said reported net income increased 42.6% on an annual basis to 87.0 million shekels, or 6.91 shekels per share, in the full year, from 61.0 million shekels, or 4.85 shekels per share.

As of March 9, US$1 was equivalent to 3.90 shekels.