G. Willi-Food International Ltd. said its normalized net income for the first quarter amounted to 26 agorot per share, a decline of 44.9% from 47 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 3.4 million shekels, a decrease of 44.4% from 6.1 million shekels in the prior-year period.

The normalized profit margin fell to 3.9% from 6.4% in the year-earlier period.

Total revenue fell 9.3% on an annual basis to 86.2 million shekels from 95.0 million shekels, and total operating expenses decreased 6.8% on an annual basis to 82.5 million shekels from 88.5 million shekels.

Reported net income fell 63.1% year over year to 2.6 million shekels, or 20 agorot per share, from 7.1 million shekels, or 55 agorot per share.

As of May 28, US$1 was equivalent to 3.87 shekels.