Cerveceria San Juan SA said its first-quarter normalized net income was 20 Peruvian céntimos per share, a decrease of 18.5% from 25 céntimos per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 19.8 million soles, a decrease of 18.5% from 24.3 million soles in the prior-year period.

The normalized profit margin dropped to 14.3% from 19.4% in the year-earlier period.

Total revenue increased 10.6% on an annual basis to 139.0 million soles from 125.7 million soles, and total operating expenses rose 22.3% on an annual basis to 106.1 million soles from 86.7 million soles.

Reported net income fell 18.9% year over year to 22.6 million soles, or 23 céntimos per share, from 27.9 million soles, or 28 céntimos per share.

As of April 29, US$1 was equivalent to 3.27 soles.