Fraser & Neave Ltd. said its normalized net income for the fiscal third quarter ended June 30 was 2 Singapore cents per share, a decline from 2 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was S$24.0 million, a decrease of 6.0% from S$25.6 million in the prior-year period.

The normalized profit margin fell to 2.8% from 4.1% in the year-earlier period.

Total revenue increased year over year to S$645.2 million from S$622.1 million, and total operating expenses rose on an annual basis to S$579.7 million from S$557.0 million.

Reported net income declined 9.1% year over year to S$39.9 million, or 3 cents per share, from S$43.9 million, or 3 cents per share.

As of Aug. 7, US$1 was equivalent to S$1.39.