Seven-up Bottling Co. PLC said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 328.7 million nairas, a decrease of 46.4% from 612.8 million nairas in the year-earlier period.

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

The normalized profit margin dropped to 1.9% from 3.8% in the year-earlier period.

Total revenue rose 6.6% on an annual basis to 17.11 billion nairas from 16.06 billion nairas, and total operating expenses rose 10.0% year over year to 16.19 billion nairas from 14.72 billion nairas.

Reported net income came to 316.1 million nairas, compared with 685.5 million nairas in the year-earlier period.

As of Oct. 29, US$1 was equivalent to 165.35 nairas.