iFabric Corp. said its normalized net income for the fiscal second quarter ended March 31 amounted to C$152,810, a decline of 42.1% from C$263,800 in the year-earlier period.

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

The normalized profit margin dropped to 4.7% from 9.1% in the year-earlier period.

Total revenue grew 11.7% on an annual basis to C$3.3 million from C$2.9 million, and total operating expenses increased 22.5% year over year to C$3.2 million from C$2.6 million.

Reported net income fell 50.2% on an annual basis to C$135,580, or 0 cents per share, from C$272,110, or 1 cents per share.