Neto Malinda Trading Ltd. said its normalized net income for the first quarter was 81 agorot per share, a gain of 24.7% from 65 agorot per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 16.0 million shekels, an increase of 24.7% from 12.8 million shekels in the year-earlier period.

The normalized profit margin increased to 2.6% from 2.1% in the year-earlier period.

Total revenue climbed on an annual basis to 618.7 million shekels from 612.6 million shekels, and total operating expenses totaled 590.6 million shekels, compared with 588.0 million shekels in the year-earlier period.

Reported net income rose 23.5% year over year to 20.0 million shekels, or 1.01 shekels per share, from 16.2 million shekels, or 82 agorot per share.

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