Maabarot Products Ltd. said its first-quarter normalized net income was 92 agorot per share, an increase of 12.9% from 82 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 9.1 million shekels, an increase of 13.5% from 8.0 million shekels in the year-earlier period.

The normalized profit margin fell to 3.1% from 8.6% in the year-earlier period.

Total revenue fell on an annual basis to 91.3 million shekels from 92.4 million shekels, and total operating expenses decreased year over year to 83.5 million shekels from 87.8 million shekels.

Reported net income grew 13.2% year over year to 10.6 million shekels, or 1.08 shekels per share, from 9.4 million shekels, or 96 agorot per share.

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