Michell y Cía. S.A. said its first-quarter normalized net income came to 12 Peruvian céntimos per share, a decline of 5.4% from 13 céntimos per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 7.1 million soles, a decline of 5.4% from 7.5 million soles in the prior-year period.

The normalized profit margin climbed to 9.4% from 9.0% in the year-earlier period.

Total revenue declined 9.0% on an annual basis to 75.6 million soles from 83.0 million soles, and total operating expenses fell 7.3% year over year to 63.5 million soles from 68.5 million soles.

Reported net income decreased 9.4% year over year to 8.4 million soles, or 15 céntimos per share, from 9.3 million soles, or 16 céntimos per share.

As of May 2, US$1 was equivalent to 3.29 soles.