Sunora Foods Inc. said its first-quarter normalized net income was C$20,810, a decline of 89.6% from C$199,960 in the prior-year period.

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

The normalized profit margin declined to 0.8% from 7.3% in the year-earlier period.

Total revenue fell on an annual basis to C$2.7 million from C$2.7 million, and total operating expenses totaled C$2.6 million, compared with C$2.6 million in the year-earlier period.

Reported net income declined 83.3% on an annual basis to C$42,440, or 0 cents per share, from C$254,630, or 1 cents per share.