Ras Al Khaimah Poultry & Feeding Co. PSC said its normalized net income for the first quarter came to 3 United Arab Emirates fils per share, a decrease of 15.5% from 3 fils per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.4 million dirhams, a decline of 15.6% from 2.8 million dirhams in the prior-year period.

The normalized profit margin increased to 23.7% from 17.2% in the year-earlier period.

Total revenue fell 38.7% year over year to 10.0 million dirhams from 16.3 million dirhams, and total operating expenses declined 34.4% year over year to 9.6 million dirhams from 14.6 million dirhams.

Reported net income decreased 15.3% year over year to 3.8 million dirhams, or 4 fils per share, from 4.5 million dirhams, or 5 fils per share.

As of April 28, US$1 was equivalent to 3.67 United Arab Emirates dirhams.