Apollo Power Ltd. said its normalized net income for the first quarter was a loss of 151,250 shekels, compared with a loss of 2.8 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 came to a loss of 242,000 shekels, or a loss of 13 agorot per share, compared to a loss of 9.0 million shekels in the prior-year period.

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