Al Arafa for Investment & Consultancies Co. (SAE) said its normalized net income for the fiscal third quarter ended Oct. 31 was $1.5 million, a rise of 5.8% from $1.4 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 2.3% from 2.0% in the year-earlier period.

Total revenue fell 8.1% year over year to $63.7 million from $69.3 million, and total operating expenses declined 9.3% from the prior-year period to $59.3 million from $65.4 million.

Reported net income totaled $2.6 million, compared with $1.8 million in the prior-year period.