Tadiran Holdings Ltd. said its first-quarter normalized net income was 34 agorot per share, a gain of 22.0% from 28 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 2.7 million shekels, a gain of 22.5% from 2.2 million shekels in the prior-year period.

The normalized profit margin rose to 2.1% from 1.8% in the year-earlier period.

Total revenue rose on an annual basis to 129.9 million shekels from 124.6 million shekels, and total operating expenses grew 5.0% year over year to 124.1 million shekels from 118.3 million shekels.

Reported net income increased 25.6% year over year to 4.5 million shekels, or 56 agorot per share, from 3.6 million shekels, or 44 agorot per share.

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