Compañía Introductora de Buenos Aires SA said its normalized net income for the fiscal first quarter ended Sept. 30 came to 5 Argentine centavos per share, a decline of 49.6% from 9 centavos 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 pesos, a decrease of 49.6% from 7.8 million pesos in the year-earlier period.

The normalized profit margin dropped to 2.9% from 7.9% in the year-earlier period.

Total revenue grew 37.5% year over year to 135.0 million pesos from 98.2 million pesos, and total operating expenses increased 49.2% from the prior-year period to 128.4 million pesos from 86.1 million pesos.

Reported net income declined 53.6% year over year to 4.3 million pesos, or 5 centavos per share, from 9.2 million pesos, or 11 centavos per share.

As of Nov. 11, US$1 was equivalent to 9.60 Argentine pesos.