Al Arafa for Investment & Consultancies Co. (SAE) said its normalized net income for the fiscal second quarter ended July 31 came to $1.5 million, a decrease of 19.6% from $1.9 million 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 2.1% from 2.7% in the year-earlier period.

Total revenue increased 4.9% on an annual basis to $74.1 million from $70.6 million, and total operating expenses increased 9.2% on an annual basis to $68.5 million from $62.7 million.

Reported net income came to $1.8 million, compared with $2.8 million in the year-earlier period.