Brill Shoe Industries Ltd. said its first-quarter normalized net income was a loss of 1 agorot per share, compared with a loss of 8 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 a loss of 104,630 shekels, compared with a loss of 525,000 shekels in the year-earlier period.

The normalized profit margin climbed to negative 0.1% from negative 0.5% in the year-earlier period.

Total revenue climbed 38.1% on an annual basis to 148.2 million shekels from 107.3 million shekels, and total operating expenses increased 33.2% year over year to 145.2 million shekels from 109.0 million shekels.

Reported net income came to a loss of 64,000 shekels, or a loss of 1 agorot per share, compared to income of 89,000 shekels, or 1 agorot per share, in the prior-year period.

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