Margarine Industries Ltd. said its normalized net income for the third quarter amounted to 7.08 Mauritian rupees per share, a decline of 55.5% from 15.91 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.1 million rupees, a decrease of 55.5% from 4.8 million rupees in the year-earlier period.

The normalized profit margin fell to 2.2% from 4.9% in the year-earlier period.

Total revenue came to 96.1 million rupees, compared with 96.6 million rupees in the year-earlier period, and total operating expenses rose year over year to 91.0 million rupees from 87.1 million rupees.

Reported net income decreased 62.5% on an annual basis to 2.4 million rupees, or 7.84 rupees per share, from 6.3 million rupees, or 20.89 rupees per share.

As of Nov. 15, US$1 was equivalent to 35.87 Mauritian rupees.