S.A. San Miguel A.G.I.C.I. y F. said its third-quarter normalized net income amounted to 8 Argentine centavos per share, a decrease of 37.7% from 12 centavos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 48.7 million pesos, a decrease of 37.7% from 78.1 million pesos in the prior-year period.

The normalized profit margin declined to 3.2% from 10.2% in the year-earlier period.

Total revenue rose 19.0% on an annual basis to 914.7 million pesos from 768.5 million pesos, and total operating expenses grew 28.6% on an annual basis to 799.8 million pesos from 622.2 million pesos.

Reported net income decreased 17.8% on an annual basis to 94.0 million pesos, or 15 centavos per share, from 114.3 million pesos, or 18 centavos per share.

As of Nov. 11, US$1 was equivalent to 9.60 Argentine pesos.