Furnmart Ltd. said its normalized net income for the fiscal first half ended Jan. 31 amounted to 3.9 million pula, a fall of 89.3% from 36.2 million pula in the prior-year period.

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

Total revenue fell 5.0% on an annual basis to 622.2 million pula from 655.2 million pula, and total operating expenses fell 5.1% from the prior-year period to 559.3 million pula from 589.7 million pula.

Reported net income came to a loss of 4.4 million pula, or a loss of 1 thebe per share, compared to income of 40.3 million pula, or 7 thebe per share, in the year-earlier period.

As of April 28, US$1 was equivalent to 10.71 pula.