Secure Electronic Technology PLC said its normalized net income for the third quarter was 2.9 million nairas, a decline of 78.3% from 13.5 million nairas in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to 0.2% from 0.7% in the year-earlier period.

Total revenue fell 5.0% on an annual basis to 1.87 billion nairas from 1.96 billion nairas, and total operating expenses fell from the prior-year period to 1.86 billion nairas from 1.94 billion nairas.

Reported net income fell 78.3% on an annual basis to 4.7 million nairas, or 0 kobo per share, from 21.5 million nairas, or 0 kobo per share.

As of Oct. 20, US$1 was equivalent to 318.55 nairas.