Ras Al Khaimah Poultry & Feeding Co. PSC said its normalized net income for the third quarter came to 154,210 dirhams, a decline of 42.8% from 269,450 dirhams in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to 1.1% from 2.0% in the year-earlier period.

Total revenue rose 9.4% year over year to 14.4 million dirhams from 13.2 million dirhams, and total operating expenses climbed 10.3% from the prior-year period to 14.6 million dirhams from 13.2 million dirhams.

Reported net income declined 37.5% on an annual basis to 308,100 dirhams, or 0 fils per share, from 493,270 dirhams, or 1 fils per share.

As of Nov. 9, US$1 was equivalent to 3.67 United Arab Emirates dirhams.