Maabarot Products Ltd. said its fourth-quarter normalized net income came to 3.5 million shekels, a rise from 79,880 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 increased to 2.3% from 0.1% in the year-earlier period.

Total revenue declined year over year to 92.9 million shekels from 96.9 million shekels, and total operating expenses fell 8.6% on an annual basis to 87.7 million shekels from 96.0 million shekels.

Reported net income came to 5.3 million shekels, or 54 agorot per share, compared to a loss of 4.1 million shekels, or a loss of 43 agorot per share, in the year-earlier period.

For the year, the company's normalized net income totaled 1.73 shekels per share, a gain from 1.71 shekels per share in the prior year.

Normalized net income was 16.9 million shekels, an increase from 16.7 million shekels in the prior year.

Full-year total revenue fell 5.3% year over year to 342.4 million shekels from 361.5 million shekels, and total operating expenses decreased 7.1% on an annual basis to 326.5 million shekels from 351.6 million shekels.

The company said reported net income increased 27.3% on an annual basis to 15.8 million shekels, or 1.62 shekels per share, in the full year, from 12.4 million shekels, or 1.27 shekels per share.

As of March 28, US$1 was equivalent to 3.83 shekels.