N.R. Spuntech Industries Ltd. said its normalized net income for the first quarter was 25 agorot per share, a gain of 74.4% from 14 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 16.3 million shekels, an increase of 72.2% from 9.5 million shekels in the prior-year period.

The normalized profit margin rose to 12.8% from 7.4% in the year-earlier period.

Total revenue came to 127.6 million shekels, compared with 127.4 million shekels in the prior-year period, and total operating expenses declined 6.5% year over year to 103.1 million shekels from 110.3 million shekels.

Reported net income grew 75.6% year over year to 21.0 million shekels, or 32 agorot per share, from 11.9 million shekels, or 18 agorot per share.

As of May 18, US$1 was equivalent to 3.83 shekels.