Victory Supermarket Chain Ltd. said its first-quarter normalized net income amounted to 34 agorot per share, a gain of 13.1% from 30 agorot per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.4 million shekels, a gain of 11.2% from 3.9 million shekels in the prior-year period.

The normalized profit margin dropped to 1.9% from 1.9% in the year-earlier period.

Total revenue increased 15.4% year over year to 233.6 million shekels from 202.5 million shekels, and total operating expenses increased 15.6% from the prior-year period to 227.2 million shekels from 196.5 million shekels.

Reported net income increased 11.9% from the prior-year period to 5.2 million shekels, or 41 agorot per share, from 4.7 million shekels, or 36 agorot per share.

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