Seprod Ltd said its normalized net income for the first quarter came to 39 Jamaican cents per share, a decline of 33.3% from 59 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was J$203.6 million, a decline of 33.3% from J$305.5 million in the prior-year period.

The normalized profit margin dropped to 5.0% from 8.1% in the year-earlier period.

Total revenue increased 9.1% year over year to J$4.09 billion from J$3.75 billion, and total operating expenses grew 15.6% year over year to J$3.87 billion from J$3.34 billion.

Reported net income declined 43.0% from the prior-year period to J$228.0 million, or 44 cents per share, from J$399.7 million, or 77 cents per share.

As of May 20, US$1 was equivalent to J$115.81.