GraceKennedy Ltd. said its normalized net income for the first quarter amounted to 48 Jamaican cents per share, a decrease of 26.1% from 65 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 J$480.0 million, a decline of 26.3% from J$651.3 million in the prior-year period.

The normalized profit margin fell to 2.3% from 4.0% in the year-earlier period.

Total revenue rose 28.8% year over year to J$21.08 billion from J$16.37 billion, and total operating expenses increased 32.7% on an annual basis to J$20.20 billion from J$15.22 billion.

Reported net income declined 23.8% on an annual basis to J$589.2 million, or 59 cents per share, from J$773.6 million, or 78 cents per share.

As of May 14, US$1 was equivalent to J$115.70.