ENL Land Ltd. said its normalized net income for the fiscal third quarter ended March 31 came to 5 Mauritian cents per share, a decline of 65.2% from 14 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 11.0 million rupees, a decline of 64.4% from 31.0 million rupees in the prior-year period.

The normalized profit margin dropped to 2.5% from 8.5% in the year-earlier period.

Total revenue grew 21.2% on an annual basis to 440.4 million rupees from 363.5 million rupees, and total operating expenses climbed 30.1% from the prior-year period to 428.9 million rupees from 329.7 million rupees.

Reported net income decreased 74.4% year over year to 29.4 million rupees, or 13 cents per share, from 114.7 million rupees, or 51 cents per share.

As of May 14, US$1 was equivalent to 34.73 Mauritian rupees.