Hamama Meir Trading (1996) Ltd. said its first-quarter normalized net income came to a loss of 12 agorot per share, compared with 25 agorot per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 1.7 million shekels, compared with income of 3.7 million shekels in the year-earlier period.

The normalized profit margin fell to negative 1.3% from 2.7% in the year-earlier period.

Total revenue fell on an annual basis to 129.2 million shekels from 133.6 million shekels, and total operating expenses climbed year over year to 129.7 million shekels from 126.2 million shekels.

Reported net income came to a loss of 2.0 million shekels, or a loss of 14 agorot per share, compared to income of 4.3 million shekels, or 30 agorot per share, in the prior-year period.

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