Issta Lines Ltd. said its first-quarter normalized net income amounted to 69 agorot per share, an increase from 23 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 7.3 million shekels, a gain from 2.5 million shekels in the prior-year period.

The normalized profit margin increased to 7.0% from 2.3% in the year-earlier period.

Total revenue decreased year over year to 104.5 million shekels from 108.5 million shekels, and total operating expenses fell 9.3% year over year to 96.9 million shekels from 106.8 million shekels.

Reported net income grew 5.5% on an annual basis to 3.7 million shekels, or 35 agorot per share, from 3.5 million shekels, or 33 agorot per share.

As of May 27, US$1 was equivalent to 3.88 shekels.