Livestock Feeds PLC said its first-quarter normalized net income amounted to 1 kobo per share, a decrease of 38.3% from 2 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 22.9 million nairas, a decline of 38.3% from 37.2 million nairas in the prior-year period.

The normalized profit margin fell to 1.3% from 2.3% in the year-earlier period.

Total revenue grew 17.6% year over year to 1.87 billion nairas from 1.59 billion nairas, and total operating expenses climbed 16.2% from the prior-year period to 1.70 billion nairas from 1.46 billion nairas.

Reported net income declined 65.0% year over year to 13.8 million nairas, or 1 kobo per share, from 39.4 million nairas, or 2 kobo per share.

As of May 19, US$1 was equivalent to 199.04 nairas.