Dor Alon Energy In Israel (1988) Ltd. said its normalized net income for the first quarter was 42 agorot per share, a decrease of 34.0% from 63 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 6.0 million shekels, a decrease of 33.9% from 9.1 million shekels in the year-earlier period.

The normalized profit margin declined to 0.6% from 0.8% in the year-earlier period.

Total revenue decreased 18.8% on an annual basis to 975.1 million shekels from 1.20 billion shekels, and total operating expenses fell 18.8% from the prior-year period to 954.4 million shekels from 1.17 billion shekels.

Reported net income fell 23.9% year over year to 8.6 million shekels, or 60 agorot per share, from 11.3 million shekels, or 79 agorot per share.

As of May 19, US$1 was equivalent to 3.87 shekels.