Golf & Co Ltd. said its normalized net income for the first quarter amounted to 12 agorot per share, an increase of 34.1% from 9 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 4.6 million shekels, a gain of 35.4% from 3.4 million shekels in the year-earlier period.

The normalized profit margin declined to 2.2% from 2.2% in the year-earlier period.

Total revenue climbed 23.3% on an annual basis to 186.6 million shekels from 151.3 million shekels, and total operating expenses climbed 24.0% year over year to 182.9 million shekels from 147.4 million shekels.

Reported net income grew 71.7% year over year to 6.7 million shekels, or 17 agorot per share, from 3.9 million shekels, or 10 agorot per share.

As of May 15, US$1 was equivalent to 3.81 shekels.