Hortifrut SA said its third-quarter normalized net income came to a loss of $1.5 million, compared with a loss of $2.9 million in the year-earlier period.

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

The normalized profit margin rose to negative 8.6% from negative 13.7% in the year-earlier period.

Total revenue declined 15.9% year over year to $17.7 million from $21.1 million, and total operating expenses decreased 8.2% on an annual basis to $21.5 million from $23.4 million.

Reported net income totaled a loss of $3.5 million, or a loss of 1 cents per share, compared to a loss of $4.0 million, or a loss of 1 cents per share, in the year-earlier period.