Castro Model Ltd. said its normalized net income for the first quarter was 79 agorot per share, an increase from 36 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 4.1 million shekels, an increase from 1.7 million shekels in the year-earlier period.

The normalized profit margin climbed to 1.9% from 0.9% in the year-earlier period.

Total revenue increased 10.2% year over year to 217.8 million shekels from 197.7 million shekels, and total operating expenses rose 10.4% on an annual basis to 217.6 million shekels from 197.2 million shekels.

Reported net income rose from the prior-year period to 5.1 million shekels, or 1 shekel per share, from 2.4 million shekels, or 50 agorot per share.

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