Livestock Feeds PLC said its third-quarter normalized net income amounted to 3 kobo per share, a decrease of 17.5% from 4 kobo per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 59.2 million nairas, a decline of 17.6% from 71.8 million nairas in the year-earlier period.

The normalized profit margin dropped to 2.5% from 3.4% in the year-earlier period.

Total revenue climbed 12.4% year over year to 2.37 billion nairas from 2.11 billion nairas, and total operating expenses increased 11.2% from the prior-year period to 2.14 billion nairas from 1.93 billion nairas.

Reported net income declined 36.4% on an annual basis to 49.7 million nairas, or 2 kobo per share, from 78.1 million nairas, or 4 kobo per share.

As of Nov. 24, US$1 was equivalent to 199.05 nairas.