Margarine Industries Ltd. said its normalized net income for the second quarter was 10.55 Mauritian rupees per share, a decline of 8.4% from 11.52 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.2 million rupees, a decline of 8.4% from 3.5 million rupees in the prior-year period.

The normalized profit margin dropped to 3.5% from 3.6% in the year-earlier period.

Total revenue declined 5.2% year over year to 90.2 million rupees from 95.2 million rupees, and total operating expenses fell 6.3% year over year to 82.7 million rupees from 88.3 million rupees.

Reported net income declined 20.3% from the prior-year period to 3.7 million rupees, or 12.18 rupees per share, from 4.6 million rupees, or 15.28 rupees per share.

As of Aug. 14, US$1 was equivalent to 35.45 Mauritian rupees.