Shalag Industries Ltd. said its normalized net income for the fourth quarter was 21 agorot per share, a decrease of 11.2% from 24 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 8.7 million shekels, a gain from 8.3 million shekels in the year-earlier period.

The normalized profit margin increased to 7.5% from 6.9% in the year-earlier period.

Total revenue decreased on an annual basis to 115.7 million shekels from 120.0 million shekels, and total operating expenses fell 6.5% year over year to 96.2 million shekels from 102.9 million shekels.

Reported net income fell 21.5% on an annual basis to 12.6 million shekels, or 30 agorot per share, from 16.0 million shekels, or 45 agorot per share.

For the year, the company's normalized net income totaled 82 agorot per share, a fall of 8.4% from 90 agorot per share in the prior year.

Normalized net income was 30.2 million shekels, a decrease from 31.5 million shekels in the prior year.

Full-year total revenue rose from the prior-year period to 487.6 million shekels from 481.8 million shekels, and total operating expenses increased on an annual basis to 425.8 million shekels from 420.0 million shekels.

The company said reported net income decreased 19.6% on an annual basis to 38.6 million shekels, or 1.05 shekels per share, in the full year, from 48.0 million shekels, or 1.36 shekels per share.

As of March 28, US$1 was equivalent to 3.83 shekels.