P.C.B. Technologies Ltd. said its first-quarter normalized net income amounted to 72,500 shekels, a decrease of 81.3% from 386,880 shekels in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to 0.1% from 0.5% in the year-earlier period.

Total revenue fell 7.4% year over year to 77.0 million shekels from 83.2 million shekels, and total operating expenses declined 6.8% year over year to 76.8 million shekels from 82.5 million shekels.

Reported net income declined 65.1% year over year to 218,000 shekels, or 1 agorot per share, from 625,000 shekels, or 2 agorot per share.

As of May 13, US$1 was equivalent to 3.79 shekels.