Gulfa Mineral Water & Processing Industries Co. PLC said its normalized net income for the third quarter came to 2 United Arab Emirates fils per share, a decline of 24.4% from 3 fils per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 728,790 dirhams, a decline of 22.5% from 940,240 dirhams in the year-earlier period.

The normalized profit margin dropped to 3.3% from 6.9% in the year-earlier period.

Total revenue declined 10.4% on an annual basis to 12.3 million dirhams from 13.7 million dirhams, and total operating expenses declined 7.9% from the prior-year period to 11.3 million dirhams from 12.3 million dirhams.

Reported net income declined 33.7% year over year to 666,070 dirhams, or 2 fils per share, from 1.0 million dirhams, or 3 fils per share.

As of Nov. 7, US$1 was equivalent to 3.67 United Arab Emirates dirhams.