Hachsharat Hayishuv Hotels Ltd. said its first-quarter normalized net income was a loss of 42 agorot per share, compared with a loss of 24 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 a loss of 9.4 million shekels, compared with a loss of 5.4 million shekels in the prior-year period.

The normalized profit margin dropped to negative 14.9% from negative 8.8% in the year-earlier period.

Total revenue increased on an annual basis to 63.0 million shekels from 60.8 million shekels, and total operating expenses climbed 13.2% from the prior-year period to 76.9 million shekels from 67.9 million shekels.

Reported net income totaled 41.2 million shekels, or 1.84 shekels per share, compared to a loss of 8.2 million shekels, or a loss of 37 agorot per share, in the year-earlier period.

As of May 21, US$1 was equivalent to 3.87 shekels.