Carasso Motors Ltd. said its first-quarter normalized net income was 28 agorot per share, a decline of 21.0% from 35 agorot per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 18.4 million shekels, a decline of 19.8% from 22.9 million shekels in the year-earlier period.

The normalized profit margin fell to 3.1% from 3.4% in the year-earlier period.

Total revenue rose 27.7% on an annual basis to 868.7 million shekels from 680.1 million shekels, and total operating expenses increased 24.4% from the prior-year period to 788.1 million shekels from 633.7 million shekels.

Reported net income grew 16.4% year over year to 31.1 million shekels, or 47 agorot per share, from 26.8 million shekels, or 41 agorot per share.

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