Grupo Minsa S.A.B. de C.V. said its first-quarter normalized net income amounted to 10 Mexican centavos per share, a decline of 47.2% from 19 centavos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 42.1 million pesos, a decline of 33.4% from 63.2 million pesos in the prior-year period.

The normalized profit margin dropped to 2.5% from 4.8% in the year-earlier period.

Total revenue came to 1.33 billion pesos, compared with 1.32 billion pesos in the year-earlier period, and total operating expenses grew from the prior-year period to 1.25 billion pesos from 1.22 billion pesos.

Reported net income declined 50.8% from the prior-year period to 32.0 million pesos, or 8 centavos per share, from 65.1 million pesos, or 20 centavos per share.

As of June 10, US$1 was equivalent to 18.48 Mexican pesos.