C.P. Pokphand Co. Ltd. said its normalized net income for the third quarter came to $47.6 million, a decline of 14.1% from $55.5 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to 3.5% from 3.6% in the year-earlier period.

Total revenue decreased 11.9% on an annual basis to $1.36 billion from $1.54 billion, and total operating expenses declined 12.6% from the prior-year period to $1.25 billion from $1.43 billion.

Reported net income totaled $60.2 million, compared with $75.2 million in the year-earlier period.