B.Yair Building Corp. 1988 Ltd. said its normalized net income for the first quarter was 44 agorot per share, a decrease of 73.6% from 1.67 shekels per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.2 million shekels, a decrease of 68.2% from 10.0 million shekels in the prior-year period.

The normalized profit margin declined to 1.8% from 6.2% in the year-earlier period.

Total revenue rose 8.1% year over year to 174.6 million shekels from 161.5 million shekels, and total operating expenses increased 19.5% year over year to 168.2 million shekels from 140.8 million shekels.

Reported net income declined 85.6% year over year to 5.0 million shekels, or 69 agorot per share, from 34.6 million shekels, or 5.79 shekels per share.

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