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Canzon Israel Ltd. said its normalized net income for the first quarter amounted to 17,000 shekels, compared with a loss of 241,880 shekels in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to negative 0.5% from negative 8.9% in the year-earlier period.

Total revenue rose 28.4% year over year to 3.5 million shekels from 2.7 million shekels, and total operating expenses grew 11.6% year over year to 3.5 million shekels from 3.1 million shekels.

Reported net income came to a loss of 23,000 shekels, compared with a loss of 331,000 shekels, or a loss of 1 shekel per share, in the year-earlier period.

As of May 16, US$1 was equivalent to 3.81 shekels.