Dan Hotels Ltd. said its first-quarter normalized net income was a loss of 1.9 million shekels, compared with income of 729,630 shekels in the year-earlier period.

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

The normalized profit margin declined to negative 0.8% from 0.3% in the year-earlier period.

Total revenue fell on an annual basis to 233.7 million shekels from 238.8 million shekels, and total operating expenses declined year over year to 233.0 million shekels from 237.3 million shekels.

Reported net income totaled a loss of 2.1 million shekels, or a loss of 2 agorot per share, compared to income of 1.0 million shekels, or 1 agorot per share, in the year-earlier period.

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