Albaad Massuot Yitzhak Ltd. said its first-quarter normalized net income came to 91 agorot per share, a decrease of 46.1% from 1.68 shekels per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 9.5 million shekels, a decline of 46.2% from 17.7 million shekels in the prior-year period.

The normalized profit margin dropped to 2.6% from 5.0% in the year-earlier period.

Total revenue climbed year over year to 360.0 million shekels from 352.1 million shekels, and total operating expenses increased 5.8% year over year to 338.9 million shekels from 320.3 million shekels.

Reported net income declined 42.7% on an annual basis to 11.4 million shekels, or 1.08 shekels per share, from 19.9 million shekels, or 1.89 shekels per share.

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