Carasso Motors Ltd. said its third-quarter normalized net income came to 89 agorot per share, a decline of 6.3% from 95 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 63.8 million shekels, a gain from 63.0 million shekels in the prior-year period.

The normalized profit margin dropped to 6.1% from 7.1% in the year-earlier period.

Total revenue grew 22.4% on an annual basis to 1.08 billion shekels from 886.0 million shekels, and total operating expenses climbed 26.6% on an annual basis to 967.9 million shekels from 764.3 million shekels.

Reported net income increased from the prior-year period to 76.6 million shekels, or 1.07 shekels per share, from 73.6 million shekels, or 1.11 shekels per share.

As of Nov. 30, US$1 was equivalent to 3.83 shekels.