G. Willi-Food International Ltd. said its normalized net income for the first quarter came to 30 agorot per share, a gain of 15.1% from 26 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 3.9 million shekels, a gain of 16.4% from 3.4 million shekels in the prior-year period.

The normalized profit margin increased to 4.8% from 3.9% in the year-earlier period.

Total revenue declined on an annual basis to 82.6 million shekels from 86.2 million shekels, and total operating expenses fell 9.5% from the prior-year period to 74.6 million shekels from 82.5 million shekels.

Reported net income rose 80.7% on an annual basis to 4.7 million shekels, or 36 agorot per share, from 2.6 million shekels, or 20 agorot per share.

As of May 31, US$1 was equivalent to 3.85 shekels.