Avgol Industries 1953 Ltd said its first-quarter normalized net income came to $2.7 million, a decrease of 64.7% from $7.7 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to 3.4% from 8.9% in the year-earlier period.

Total revenue fell 7.2% year over year to $80.5 million from $86.8 million, and total operating expenses decreased from the prior-year period to $70.3 million from $72.5 million.

Reported net income decreased 74.6% year over year to $2.4 million, or 1 cents per share, from $9.2 million, or 3 cents per share.