Northern Nigeria Flour Mills PLC said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 27 kobo per share, compared with 60 kobo per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 48.9 million nairas, compared with income of 107.0 million nairas in the prior-year period.

The normalized profit margin declined to negative 13.7% from 3.4% in the year-earlier period.

Total revenue decreased 88.6% year over year to 357.9 million nairas from 3.13 billion nairas, and total operating expenses decreased 84.8% year over year to 451.6 million nairas from 2.96 billion nairas.

Reported net income came to a loss of 78.3 million nairas, or a loss of 44 kobo per share, compared to income of 132.0 million nairas, or 74 kobo per share, in the prior-year period.

As of July 29, US$1 was equivalent to 199.25 nairas.