Mehadrin Ltd. said its normalized net income for the first quarter amounted to 14.48 shekels per share, a gain of 22.6% from 11.82 shekels per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 48.2 million shekels, a gain of 22.8% from 39.2 million shekels in the year-earlier period.

The normalized profit margin climbed to 8.2% from 7.7% in the year-earlier period.

Total revenue declined year over year to 502.6 million shekels from 510.4 million shekels, and total operating expenses fell 6.0% year over year to 421.8 million shekels from 448.8 million shekels.

Reported net income rose 24.1% year over year to 51.8 million shekels, or 15.59 shekels per share, from 41.8 million shekels, or 12.58 shekels per share.

As of May 12, US$1 was equivalent to 3.86 shekels.