Golden Agri-Resources Ltd said its normalized net income for the second quarter was a loss of $38.3 million, compared with income of $11.6 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 declined to negative 2.1% from 0.6% in the year-earlier period.

Total revenue fell on an annual basis to $1.74 billion from $1.83 billion, and total operating expenses declined year over year to $1.75 billion from $1.77 billion.

Reported net income increased on an annual basis to $39.5 million, or 0 cents per share, from $10.4 million, or 0 cents per share.