Northern Nigeria Flour Mills PLC said its normalized net income for the fiscal first quarter ended June 30 amounted to 107.0 million nairas, a gain from 39.4 million nairas in the prior-year period.

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

The normalized profit margin rose to 3.4% from 1.1% in the year-earlier period.

Total revenue decreased 9.8% on an annual basis to 3.13 billion nairas from 3.47 billion nairas, and total operating expenses declined 13.0% from the prior-year period to 2.96 billion nairas from 3.41 billion nairas.

Reported net income rose on an annual basis to 132.0 million nairas, or 74 kobo per share, from 47.0 million nairas.

As of July 15, US$1 was equivalent to 161.90 nairas.