Willi-Food Investments Ltd. said its normalized net income for the first quarter came to 3 agorot per share, a decline of 74.9% from 12 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 400,500 shekels, a decrease of 74.9% from 1.6 million shekels in the prior-year period.

The normalized profit margin declined to 1.1% from 1.7% in the year-earlier period.

Total revenue declined 9.3% year over year to 86.3 million shekels from 95.1 million shekels, and total operating expenses decreased 5.1% year over year to 84.4 million shekels from 89.0 million shekels.

Reported net income fell 83.6% on an annual basis to 1.3 million shekels, or 10 agorot per share, from 8.0 million shekels, or 61 agorot per share.

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