Neto Malinda Trading Ltd. said its fourth-quarter normalized net income amounted to 59 agorot per share, a decline of 9.5% from 65 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 11.7 million shekels, a decline of 9.5% from 12.9 million shekels in the year-earlier period.

The normalized profit margin declined to 2.2% from 2.5% in the year-earlier period.

Total revenue grew on an annual basis to 542.5 million shekels from 523.4 million shekels, and total operating expenses climbed on an annual basis to 520.9 million shekels from 497.2 million shekels.

Reported net income came to 16.1 million shekels, or 82 agorot per share, compared to 16.3 million shekels, or 82 agorot per share, in the prior-year period.

For the year, the company's normalized net income totaled 2.65 shekels per share, an increase of 14.6% from 2.31 shekels per share in the prior year.

Normalized net income was 52.5 million shekels, a rise of 14.6% from 45.8 million shekels in the prior year.

Full-year total revenue decreased from the prior-year period to 2.30 billion shekels from 2.34 billion shekels, and total operating expenses fell on an annual basis to 2.21 billion shekels from 2.25 billion shekels.

The company said reported net income increased 16.4% year over year to 67.3 million shekels, or 3.40 shekels per share, in the full year, from 57.9 million shekels, or 2.92 shekels per share.

As of March 30, US$1 was equivalent to 3.78 shekels.