Neto Malinda Trading Ltd. said its normalized net income for the first quarter amounted to 53 agorot per share, a decrease of 34.0% from 81 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 10.5 million shekels, a decline of 34.0% from 16.0 million shekels in the year-earlier period.

The normalized profit margin declined to 2.1% from 2.6% in the year-earlier period.

Total revenue decreased 8.5% on an annual basis to 566.2 million shekels from 618.7 million shekels, and total operating expenses decreased 7.8% year over year to 544.8 million shekels from 590.6 million shekels.

Reported net income declined 22.0% year over year to 15.6 million shekels, or 79 agorot per share, from 20.0 million shekels, or 1.01 shekels per share.

As of May 31, US$1 was equivalent to 3.85 shekels.