Hamashbir 365 Holdings Ltd. said its normalized net income for the first quarter was a loss of 1 agorot per share, compared with a loss of 3 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 a loss of 1.6 million shekels, compared with a loss of 4.2 million shekels in the year-earlier period.

The normalized profit margin rose to 0.1% from negative 0.9% in the year-earlier period.

Total revenue fell 36.3% on an annual basis to 307.3 million shekels from 482.2 million shekels, and total operating expenses declined 35.9% year over year to 313.4 million shekels from 489.3 million shekels.

Reported net income totaled a loss of 2.8 million shekels, or a loss of 2 agorot per share, compared to a loss of 3.9 million shekels, or a loss of 3 agorot per share, in the year-earlier period.

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