Morixe Hermanos SAC. e I. said its normalized net income for the fiscal first quarter ended Aug. 31 amounted to a loss of 75 Argentine centavos per share, compared with a loss of 5 centavos per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 11.3 million pesos, compared with a loss of 729,000 pesos in the year-earlier period.

The normalized profit margin fell to negative 37.4% from negative 1.0% in the year-earlier period.

Total revenue declined 59.1% year over year to 30.2 million pesos from 73.9 million pesos, and total operating expenses decreased 40.4% year over year to 40.9 million pesos from 68.7 million pesos.

Reported net income totaled a loss of 11.9 million pesos, or a loss of 79 centavos per share, compared to a loss of 969,440 pesos, or a loss of 6 centavos per share, in the prior-year period.

As of Oct. 13, US$1 was equivalent to 9.47 Argentine pesos.