Argaman Industries Ltd. said its first-quarter normalized net income amounted to a loss of 15,880 shekels, compared with a loss of 419,000 shekels in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to negative 0.1% from negative 2.2% in the year-earlier period.

Total revenue fell 13.8% on an annual basis to 16.5 million shekels from 19.2 million shekels, and total operating expenses declined 16.5% year over year to 16.1 million shekels from 19.3 million shekels.

Reported net income totaled a loss of 509,000 shekels, or a loss of 3 agorot per share, compared to a loss of 687,000 shekels, or a loss of 5 agorot per share, in the prior-year period.

As of May 27, US$1 was equivalent to 3.84 shekels.