Netz Hotels Ltd. said its normalized net income for the first quarter amounted to a loss of 3 agorot per share, compared with a loss of 2 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 4.4 million shekels, compared with a loss of 3.7 million shekels in the prior-year period.

Reported net income totaled a loss of 7.1 million shekels, or a loss of 4 agorot per share, compared to a loss of 5.9 million shekels, or a loss of 4 agorot per share, in the prior-year period.

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