Shufersal Ltd. said its normalized net income for the first quarter was 8 agorot per share, a decline of 42.2% from 13 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 16.9 million shekels, a decline of 41.3% from 28.8 million shekels in the prior-year period.

The normalized profit margin declined to 0.5% from 1.0% in the year-earlier period.

Total revenue rose year over year to 2.84 billion shekels from 2.81 billion shekels, and total operating expenses increased year over year to 2.80 billion shekels from 2.74 billion shekels.

Reported net income declined 59.4% on an annual basis to 13.0 million shekels, or 6 agorot per share, from 32.0 million shekels, or 15 agorot per share.

As of May 22, US$1 was equivalent to 3.88 shekels.