Al Arafa for Investment & Consultancies Co. (SAE) said its normalized net income for the fiscal first quarter ended April 30 was $530,590, a fall of 21.1% from $672,380 in the prior-year period.

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

The normalized profit margin declined to 0.9% from 1.2% in the year-earlier period.

Total revenue grew 9.0% on an annual basis to $62.0 million from $56.9 million, and total operating expenses climbed 8.5% on an annual basis to $59.1 million from $54.4 million.

Reported net income totaled $655,060, compared with $962,710 in the year-earlier period.