Molinos Juan Semino SA said its normalized net income for the fiscal fourth quarter ended May 31 came to 3 Argentine centavos per share, a decline of 17.7% from 3 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 4.4 million pesos, a decline of 17.8% from 5.4 million pesos in the prior-year period.

The normalized profit margin dropped to 4.6% from 5.4% in the year-earlier period.

Total revenue decreased 7.6% on an annual basis to 92.0 million pesos from 99.6 million pesos, and total operating expenses fell 6.9% year over year to 84.8 million pesos from 91.1 million pesos.

Reported net income grew 30.8% on an annual basis to 3.9 million pesos, or 2 centavos per share, from 3.0 million pesos, or 2 centavos per share.

For the year, the company's normalized net income totaled 8 centavos per share, a fall of 39.0% from 12 centavos per share in the prior year.

Normalized net income was 12.6 million pesos, a fall of 39.0% from 20.7 million pesos in the prior year.

Full-year total revenue rose 13.6% on an annual basis to 384.4 million pesos from 338.5 million pesos, and total operating expenses grew 17.4% on an annual basis to 359.9 million pesos from 306.6 million pesos.

The company said reported net income fell 33.8% on an annual basis to 12.6 million pesos, or 8 centavos per share, in the full year, from 19.1 million pesos, or 11 centavos per share.

As of Aug. 6, US$1 was equivalent to 9.21 Argentine pesos.