Andrew Peller Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 8 Canadian cents per share, a decline of 19.3% from 10 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$3.6 million, a decline of 19.3% from C$4.4 million in the prior-year period.

The normalized profit margin dropped to 4.4% from 6.1% in the year-earlier period.

Total revenue increased 9.3% year over year to C$79.5 million from C$72.7 million, and total operating expenses rose 9.6% on an annual basis to C$71.4 million from C$65.1 million.

Reported net income fell 19.4% on an annual basis to C$4.1 million, or 10 cents per share, from C$5.1 million, or 12 cents per share.