Tiv Taam Holdings 1 Ltd. said its first-quarter normalized net income was 1.0 million shekels, a gain from 990,630 shekels in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to 0.4% from 0.4% in the year-earlier period.

Total revenue increased year over year to 279.6 million shekels from 274.3 million shekels, and total operating expenses rose on an annual basis to 276.4 million shekels from 270.3 million shekels.

Reported net income came to 1.3 million shekels, or 1 agorot per share, compared to 1.2 million shekels, or 1 agorot per share, in the year-earlier period.

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