Sociedad Anónima Importadora y Exportadora de la Patagonia said its normalized net income for the fiscal first quarter ended Sept. 30 came to 21 Argentine centavos per share, a decrease of 25.1% from 28 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 103.9 million pesos, a decline of 25.1% from 138.7 million pesos in the year-earlier period.

The normalized profit margin dropped to 1.9% from 3.4% in the year-earlier period.

Total revenue increased 35.5% on an annual basis to 5.57 billion pesos from 4.11 billion pesos, and total operating expenses increased 38.4% year over year to 5.37 billion pesos from 3.88 billion pesos.

Reported net income decreased 28.3% from the prior-year period to 121.1 million pesos, or 24 centavos per share, from 168.9 million pesos, or 34 centavos per share.

As of Nov. 9, US$1 was equivalent to 9.58 Argentine pesos.