Michell y Cía. S.A. said its normalized net income for the second quarter amounted to 14 Peruvian céntimos per share, a decrease of 22.0% from 18 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 8.3 million soles, a decline of 22.0% from 10.6 million soles in the year-earlier period.

The normalized profit margin declined to 9.0% from 10.2% in the year-earlier period.

Total revenue decreased 11.5% on an annual basis to 92.2 million soles from 104.2 million soles, and total operating expenses decreased 9.2% year over year to 77.8 million soles from 85.7 million soles.

Reported net income decreased 19.2% on an annual basis to 9.9 million soles, or 17 céntimos per share, from 12.2 million soles, or 21 céntimos per share.

As of July 26, US$1 was equivalent to 3.38 soles.