Bogo-Medellin Milling Co. Inc. said its normalized net income for the fiscal third quarter ended June 30 came to 7 Philippine centavos per share, a decrease of 87.7% from 59 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 438,750 pesos, a decline of 87.7% from 3.6 million pesos in the year-earlier period.

The normalized profit margin declined to 0.7% from 4.0% in the year-earlier period.

Total revenue decreased 24.0% year over year to 66.8 million pesos from 87.9 million pesos, and total operating expenses declined 19.2% on an annual basis to 66.5 million pesos from 82.3 million pesos.

Reported net income totaled a loss of 2.7 million pesos, or a loss of 45 centavos per share, compared to income of 4.3 million pesos, or 71 centavos per share, in the year-earlier period.

As of Aug. 14, US$1 was equivalent to 46.16 Philippine pesos.