Empresa Azucarera el Ingenio SA said its third-quarter normalized net income came to 7 Peruvian céntimos per share, a decrease of 44.1% from 12 céntimos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 302,500 soles, a decrease of 45.5% from 555,000 soles in the prior-year period.

The normalized profit margin declined to 12.9% from 19.5% in the year-earlier period.

Total revenue declined 17.5% on an annual basis to 2.4 million soles from 2.8 million soles, and total operating expenses declined 5.2% year over year to 1.9 million soles from 2.0 million soles.

Reported net income decreased 45.6% from the prior-year period to 411,000 soles, or 9 céntimos per share, from 755,000 soles, or 17 céntimos per share.

As of Oct. 28, US$1 was equivalent to 3.37 soles.