Mitchell's Fruit Farms Ltd. said its normalized net income for the fiscal second quarter ended March 31 came to 1.21 Pakistani rupees per share, a decrease of 72.2% from 4.35 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 9.5 million rupees, a decline of 72.3% from 34.3 million rupees in the year-earlier period.

The normalized profit margin dropped to 2.2% from 6.4% in the year-earlier period.

Total revenue decreased 20.6% on an annual basis to 426.9 million rupees from 537.4 million rupees, and total operating expenses fell 15.7% on an annual basis to 399.5 million rupees from 474.2 million rupees.

Reported net income declined 63.1% on an annual basis to 12.4 million rupees, or 1.58 rupees per share, from 33.7 million rupees, or 4.28 rupees per share.

As of June 2, US$1 was equivalent to 101.86 Pakistani rupees.