Livestock Feeds PLC said its first-quarter normalized net income was a loss of 6.6 million nairas, compared with income of 23.6 million nairas in the year-earlier period.

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

The normalized profit margin dropped to negative 0.3% from 1.3% in the year-earlier period.

Total revenue climbed 11.8% on an annual basis to 2.09 billion nairas from 1.87 billion nairas, and total operating expenses rose 18.1% from the prior-year period to 2.01 billion nairas from 1.70 billion nairas.

Reported net income fell 82.6% on an annual basis to 2.4 million nairas, or 0 kobo per share, from 13.8 million nairas, or 1 kobo per share.

As of April 27, US$1 was equivalent to 199.05 nairas.