Victory Supermarket Chain Ltd. said its third-quarter normalized net income amounted to 20 agorot per share, a decrease of 48.5% from 39 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 2.8 million shekels, a decline of 42.4% from 4.9 million shekels in the year-earlier period.

The normalized profit margin fell to 1.1% from 2.0% in the year-earlier period.

Total revenue totaled 247.7 million shekels, compared with 246.2 million shekels in the year-earlier period, and total operating expenses climbed year over year to 242.3 million shekels from 238.6 million shekels.

Reported net income fell 47.5% on an annual basis to 3.3 million shekels, or 23 agorot per share, from 6.3 million shekels, or 49 agorot per share.

As of Nov. 25, US$1 was equivalent to 3.88 shekels.