Netz Hotels Ltd said its normalized net income for the fourth quarter came to a loss of 5.7 million shekels, compared with a loss of 1.5 million shekels in the year-earlier period.

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

Reported net income totaled a loss of 8.9 million shekels, or a loss of 5 agorot per share, compared to a loss of 2.5 million shekels, or a loss of 2 agorot per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 5 agorot per share, compared with a loss of 8 agorot per share in the prior year.

Normalized net income was a loss of 7.9 million shekels, compared with a loss of 12.6 million shekels in the prior year.

The company said reported net income came to a loss of 12.8 million shekels, or a loss of 8 agorot per share, in the full year, compared with a loss of 20.3 million shekels, or a loss of 13 agorot per share, the prior year.

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