Kerur Holdings Ltd. said its normalized net income for the first quarter was 53 agorot per share, a decline of 10.7% from 59 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 6.6 million shekels, a decrease of 11.2% from 7.4 million shekels in the year-earlier period.

The normalized profit margin fell to 3.5% from 3.7% in the year-earlier period.

Total revenue fell 5.7% year over year to 189.4 million shekels from 200.7 million shekels, and total operating expenses decreased 5.1% on an annual basis to 171.6 million shekels from 180.7 million shekels.

Reported net income declined 5.4% year over year to 9.8 million shekels, or 78 agorot per share, from 10.4 million shekels, or 82 agorot per share.

As of May 21, US$1 was equivalent to 3.87 shekels.