Dan Hotels Ltd said its normalized net income for the fourth quarter was 28 agorot per share, an increase of 25.1% from 22 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 27.3 million shekels, an increase of 30.9% from 20.8 million shekels in the prior-year period.

The normalized profit margin increased to 9.4% from 7.2% in the year-earlier period.

Total revenue totaled 291.5 million shekels, compared with 288.7 million shekels in the year-earlier period, and total operating expenses increased on an annual basis to 244.8 million shekels from 237.3 million shekels.

Reported net income grew 35.1% year over year to 33.4 million shekels, or 34 agorot per share, from 24.7 million shekels, or 26 agorot per share.

For the year, the company's normalized net income totaled 95 agorot per share, an increase of 38.4% from 68 agorot per share in the prior year.

Normalized net income was 92.4 million shekels, a gain of 38.9% from 66.5 million shekels in the prior year.

Full-year total revenue grew year over year to 1.17 billion shekels from 1.13 billion shekels, and total operating expenses rose year over year to 1.00 billion shekels from 981.7 million shekels.

The company said reported net income increased 35.5% year over year to 105.5 million shekels, or 1.08 shekels per share, in the full year, from 77.9 million shekels, or 80 agorot per share.

As of March 29, US$1 was equivalent to 3.82 shekels.