Avgol Industries 1953 Ltd. said its first-quarter normalized net income was $7.7 million, an increase from $2.4 million in the year-earlier period.

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

The normalized profit margin climbed to 8.9% from 2.7% in the year-earlier period.

Total revenue decreased year over year to $86.8 million from $88.5 million, and total operating expenses fell 11.7% year over year to $72.5 million from $82.2 million.

Reported net income grew on an annual basis to $9.2 million, or 3 cents per share, from $2.7 million, or 1 cents per share.