Blumar SA said its first-quarter normalized net income was $3.3 million, a decline of 53.4% from $7.2 million in the prior-year period.

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

The normalized profit margin dropped to 4.0% from 6.7% in the year-earlier period.

Total revenue declined 21.0% year over year to $84.3 million from $106.7 million, and total operating expenses fell 18.9% on an annual basis to $76.5 million from $94.3 million.

Reported net income decreased 91.6% year over year to $1.7 million, or 0 cents per share, from $20.2 million, or 2 cents per share.