Murree Brewery Co. Ltd said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to 8.38 Pakistani rupees per share, a decline of 18.2% from 10.25 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 193.2 million rupees, a decrease of 18.2% from 236.3 million rupees in the year-earlier period.

The normalized profit margin fell to 12.5% from 16.6% in the year-earlier period.

Total revenue grew 8.6% on an annual basis to 1.55 billion rupees from 1.42 billion rupees, and total operating expenses increased 18.3% from the prior-year period to 1.24 billion rupees from 1.05 billion rupees.

Reported net income declined 19.0% on an annual basis to 210.2 million rupees, or 9.12 rupees per share, from 259.3 million rupees, or 11.25 rupees per share.

As of Oct. 30, US$1 was equivalent to 105.51 Pakistani rupees.