Isrotel Ltd. said its first-quarter normalized net income came to a loss of 29 agorot per share, compared with a loss of 28 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 a loss of 14.8 million shekels, compared with a loss of 14.7 million shekels in the prior-year period.

The normalized profit margin declined to negative 7.0% from negative 7.0% in the year-earlier period.

Total revenue totaled 210.8 million shekels, compared with 209.4 million shekels in the year-earlier period, and total operating expenses increased from the prior-year period to 231.8 million shekels from 228.7 million shekels.

Reported net income came to a loss of 19.1 million shekels, or a loss of 37 agorot per share, compared to a loss of 21.0 million shekels, or a loss of 40 agorot per share, in the year-earlier period.

As of May 29, US$1 was equivalent to 3.87 shekels.