Maabarot Products Ltd. said its first-quarter normalized net income was 81 agorot per share, an increase from 80 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 7.9 million shekels, an increase from 7.8 million shekels in the prior-year period.

The normalized profit margin climbed to 8.6% from 8.4% in the year-earlier period.

Total revenue came to 92.4 million shekels, compared with 92.9 million shekels in the prior-year period, and total operating expenses came to 87.9 million shekels, compared with 87.6 million shekels in the prior-year period.

Reported net income fell from the prior-year period to 9.4 million shekels, or 96 agorot per share, from 9.5 million shekels, or 97 agorot per share.

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