B.Yair Building Corp. 1988 Ltd. said its third-quarter normalized net income came to 44 agorot per share, a decline of 17.5% from 53 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 2.6 million shekels, a decline of 28.9% from 3.7 million shekels in the prior-year period.

The normalized profit margin declined to negative 11.4% from 4.9% in the year-earlier period.

Total revenue increased 6.5% on an annual basis to 80.9 million shekels from 76.0 million shekels, and total operating expenses climbed 12.5% year over year to 74.2 million shekels from 66.0 million shekels.

Reported net income totaled a loss of 11.8 million shekels, or a loss of 1.96 shekels per share, compared to income of 4.5 million shekels, or 65 agorot per share, in the year-earlier period.

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