Albaad Massuot Yitzhak Ltd. said its normalized net income for the fourth quarter amounted to 70 agorot per share, a decline of 54.0% from 1.51 shekels per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 7.3 million shekels, a decrease of 54.2% from 15.9 million shekels in the year-earlier period.

The normalized profit margin dropped to 1.9% from 4.4% in the year-earlier period.

Total revenue climbed year over year to 376.2 million shekels from 362.3 million shekels, and total operating expenses rose 6.6% on an annual basis to 359.5 million shekels from 337.1 million shekels.

Reported net income decreased 50.0% on an annual basis to 7.4 million shekels, or 71 agorot per share, from 14.8 million shekels, or 1.40 shekels per share.

For the year, the company's normalized net income totaled 3.40 shekels per share, a fall of 32.2% from 5.01 shekels per share in the prior year.

Normalized net income was 35.8 million shekels, a decrease of 32.2% from 52.7 million shekels in the prior year.

Full-year total revenue rose on an annual basis to 1.49 billion shekels from 1.45 billion shekels, and total operating expenses rose 5.0% year over year to 1.42 billion shekels from 1.35 billion shekels.

The company said reported net income decreased 40.0% year over year to 40.2 million shekels, or 3.82 shekels per share, in the full year, from 67.0 million shekels, or 6.36 shekels per share.

As of March 25, US$1 was equivalent to 3.83 shekels.