Unimer SA said its first-half normalized net income came to 18.8 million dirhams, a decline from 19.8 million dirhams in the year-earlier period.

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

Total revenue fell 68.3% on an annual basis to 619.0 million dirhams from 1.95 billion dirhams, and total operating expenses declined 69.3% year over year to 578.2 million dirhams from 1.88 billion dirhams.

Reported net income came to 99.5 million dirhams, compared with 10.1 million dirhams in the year-earlier period.

As of Sept. 30, US$1 was equivalent to 9.72 Moroccan dirhams.