Mehadrin Ltd. said its fourth-quarter normalized net income was 1.06 shekels per share, a decrease of 55.3% from 2.37 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 3.4 million shekels, a decrease of 56.1% from 7.8 million shekels in the prior-year period.

The normalized profit margin dropped to 0.7% from 2.6% in the year-earlier period.

Total revenue decreased year over year to 301.3 million shekels from 306.1 million shekels, and total operating expenses increased year over year to 297.0 million shekels from 285.1 million shekels.

Reported net income grew 23.6% year over year to 7.7 million shekels, or 2.39 shekels per share, from 6.3 million shekels, or 1.90 shekels per share.

For the year, the company's normalized net income totaled 1.91 shekels per share, compared with a loss of 2.17 shekels per share in the prior year.

Normalized net income was 6.3 million shekels, compared with a loss of 7.3 million shekels in the prior year.

Full-year total revenue rose on an annual basis to 1.21 billion shekels from 1.20 billion shekels, and total operating expenses came to 1.19 billion shekels, compared with 1.19 billion shekels in the prior-year period.

The company said reported net income totaled 5.3 million shekels, or 1.59 shekels per share, in the full year, compared with a loss of 1.4 million shekels, or a loss of 43 agorot per share, the prior year.

As of March 8, US$1 was equivalent to 3.90 shekels.