Mirgor SAC.I.F.I.A. said its second-quarter normalized net income amounted to 2 Argentine centavos per share, a decrease of 78.8% from 8 centavos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.0 million pesos, a decline of 78.2% from 13.6 million pesos in the prior-year period.

The normalized profit margin dropped to 0.3% from 1.2% in the year-earlier period.

Total revenue declined 6.7% year over year to 1.02 billion pesos from 1.09 billion pesos, and total operating expenses declined 8.0% on an annual basis to 960.2 million pesos from 1.04 billion pesos.

Reported net income fell 80.6% year over year to 3.7 million pesos, or 2 centavos per share, from 19.0 million pesos, or 11 centavos per share.

As of Aug. 11, US$1 was equivalent to 9.23 Argentine pesos.