Neto M.E Holdings Ltd. said its normalized net income for the third quarter was 6.49 shekels per share, a gain of 48.4% from 4.37 shekels per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 22.1 million shekels, an increase of 48.4% from 14.9 million shekels in the year-earlier period.

The normalized profit margin increased to 3.3% from 2.4% in the year-earlier period.

Total revenue grew 7.8% on an annual basis to 678.5 million shekels from 629.1 million shekels, and total operating expenses increased 6.7% on an annual basis to 640.3 million shekels from 600.1 million shekels.

Reported net income rose 56.4% year over year to 30.7 million shekels, or 9.02 shekels per share, from 19.6 million shekels, or 5.77 shekels per share.

As of Nov. 26, US$1 was equivalent to 3.88 shekels.