Neto M.E Holdings Ltd. said its normalized net income for the fourth quarter was 4.16 shekels per share, a gain of 48.4% from 2.80 shekels per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 14.2 million shekels, a gain of 48.4% from 9.6 million shekels in the year-earlier period.

The normalized profit margin increased to 2.3% from 1.8% in the year-earlier period.

Total revenue climbed 14.1% on an annual basis to 598.2 million shekels from 524.4 million shekels, and total operating expenses grew 14.1% on an annual basis to 575.3 million shekels from 504.0 million shekels.

Reported net income grew 66.3% on an annual basis to 20.9 million shekels, or 6.14 shekels per share, from 12.6 million shekels, or 3.69 shekels per share.

For the year, the company's normalized net income totaled 19.82 shekels per share, a gain of 45.9% from 13.58 shekels per share in the prior year.

Normalized net income was 67.5 million shekels, a gain of 45.9% from 46.3 million shekels in the prior year.

Full-year total revenue grew 6.7% from the prior-year period to 2.51 billion shekels from 2.35 billion shekels, and total operating expenses rose 6.1% year over year to 2.40 billion shekels from 2.26 billion shekels.

The company said reported net income rose 51.7% year over year to 93.7 million shekels, or 27.50 shekels per share, in the full year, from 61.8 million shekels, or 18.13 shekels per share.

As of March 30, US$1 was equivalent to 3.78 shekels.